Originally Presented: April 20, 2021
The Anti-Money Laundering Act of 2020 (AMLA) may usher in the most profound changes to the BSA/AML regime since the USA PATRIOT Act of 2001. By broadening the purpose of the BSA, the Act aims to modernize AML/CFT laws and pivot the country from a U.S.-focused regulation and compliance regime to a global, public-private partnership focused on fighting all financial crimes.
In this on-demand webinar recording, Jim Richards, former Director of Financial Crimes Risk Management at Wells Fargo, and Brendan Brothers, Anti-Financial Crimes Expert and co-founder of Verafin, provide their insights into the potential implications for financial institutions and answer questions about how the AMLA could impact anti-financial crime programs in the future.
Hear industry experts discuss insightful topics, such as:
- How will agencies, law enforcement, and financial institutions align under the new purposes of the Banking Secrecy Act?
- What should we expect from the Corporate Transparency Act and Beneficial Ownership information reporting?
- When can we expect implementing regulations?
- What are the implications for Suspicious Activity Reports and the reporting regime?
- Why are innovation and technology critical to accelerate the modernization of AML?
- What is needed to move the industry forward towards collaborative, public-private partnerships and information sharing?
Founder and Principal, RegTech Consulting LLC;
Former Executive Vice-president and Director of Financial Crimes Risk Management, Wells Fargo
Jim Richards is the Principal and Founder of RegTech Consulting, a private consultancy aimed at developing the next generation of BSA/AML and financial crimes professionals, technologies, and programs.
Prior to founding RegTech Consulting, Jim worked for almost 13 years at Wells Fargo & Co. as the BSA Officer and Global Head of Financial Crimes Risk Management. He was a founding member of the Association of Certified Anti-Money Laundering Specialists (ACAMS) Advisory Board, a three-time member of the Treasury Department’s BSA Advisory Group (BSAAG), and the author of Transnational Criminal Organizations, Cybercrime, and Money Laundering. Jim is currently working with Verafin in a role as Senior Strategic Advisor.
Brendan, a Software Engineer, has been a part of Verafin since its inception in 2003, and has used his expertise in various aspects of the company. With a specialized knowledge of robotics, behavior-based analytics, and probabilistic networks, he is a technical expert who knows the product inside and out. He is also a seasoned public speaker, salesperson, and marketer who is constantly immersed in the customer side of Verafin from support and training to sales and marketing.