Strategies for Implementing Robust BSA/AML and Fraud Deterrence Programs: Gaining a Competitive Advantage Over Other Banks and FinTech Companies That Are Behind the Curve

July 29, 2020 12:30pm

Barrie Van Brackle
Partner
Orrick, Herrington & Sutcliffe

Laurel Loomis Rimon
Partner
O’Melveny & Myers LLP

Susan Lea Smith
Vice President and Senior Legal Counsel for Global AML/CFT Compliance
Western Union

Due to ongoing supervisory and enforcement actions, and increased monetary penalties, FinTechs and payments companies are facing increased pressured to address BSA, AML and fraud deterrence risks head on. This panel will provide insights on:

  • How FinTech companies can develop and maintain effective BSA/AML and fraud prevention programs
  • Which party should bear the risk/burden?
  • Identifying and assessing the money laundering and fraud risks that may arise in conjunction with the development of new payment products, delivery mechanisms, and technologies
  • Taking a look at the most recent enforcement actions, and addressing how AML regulations are impacting new payment products and systems
  • Evaluating your current AML program and identifying gaps or weaknesses
  • Implementing automated AML and fraud tools
  • Incorporating data analytics into your AML compliance initiatives