Workshop – Breaking Down the Nuts and Bolts of FinCEN’s Compliance Guidance on the AML Act of 2020: From Risk Assessments, Internal Controls and Policies to Third-Party Risk Management

Feb 14, 2024 1:30pm – 05:00 PM

Sven Stumbauer
National Managing Director, Anti-Money Laundering and Sanctions Practice Leader
Grant Thornton LLP (US)

Benjamin Trent
AML and OFAC Compliance Auditor
Grant Thornton LLP (US)

This workshop will provide attendees with a deep dive practical look at how the industry is putting compliance into practice including the compliance risks of data and technology. The attendees will have the opportunity to break out discussion on topics most relevant to them.

Part I: AML Act of 2020
  • FinCEN National Priorities: How firms are getting ready for the upcoming national exam regulation, a framework for compliance.
  • FinCEN National Priority: Fraud
    • How fraudsters are using technology to launder money and evade Sanctions and how law enforcement is catching them.
  • FinCEN National Priority: Corruption
    • Recent enforcement actions and root causes of compliance failures. Best practices for your ABC program.
  • FinCEN National Priority: Proliferation Financing
    • Recent enforcement actions related to Sanctions of the Russian military industrial complex. Root causes of compliance failures and an effective framework for managing the risks of customers in high-risk industries.
  • Corporate Transparency Act
    • How lessons learned from the U.K. can help us implement the new Corporate Transparency Act regulations in our compliance programs.
  • Regulatory Focus on KYC
    • Lessons learned from the most recent enforcement actions and how firms are addressing the highest priority issues.

Part II: Sanctions Compliance and Enforcement
  • Global Survey of Sanctions Compliance Professionals
    • The global sentiment on the changing Sanctions environment, how firms worldwide are addressing the challenges
  • AML and Sanctions Technology Enforcement Actions
    • Understanding the regulatory focus on technology and data, the most common deficiencies, and the most effective frameworks for managing compliance program technology risks.
  • Sanctions Name Screening and Technology
    • How to tailor testing, tuning, and screening procedures to align with regulations, guidance, and recent enforcement actions.
  • Third-party Risk Management
    • Lessons learned from AML and OFAC enforcement actions and best practices for managing affiliate risk.