Federal Banking Agencies and FinCEN Issue Statements On Enforcement of BSA/AML Requirements: A Podcast

“I am very excited, not only to network like we’re doing right now at the pre-conference day with the women’s networking group, but also to connect with other people and share ideas. I think the best way for me to learn and grow is to look at the best practices across the country and the world. What are they doing? What could I be doing better?” – Kathy McGuiness, CFE, Auditor of Accounts, State of Delaware

We are pleased to offer the latest episode in Ballard Spahr’s Consumer Financial Monitor Podcast series — a weekly podcast focusing on the consumer finance issues that matter most, from new product development and emerging technologies to regulatory compliance and enforcement and the ramifications of private litigation.  Following up on a recent blog post, our podcast discusses how the banking regulators and FinCEN will approach the decision whether to take enforcement action against a financial institution (including what BSA/AML program failures typically would – or would not – result in cease and desist orders), and how the regulators’ statement differs from 2007 guidance.  We also discuss how the enforcement statements relate to recent updates to the BSA/AML examination manual, suggested practices for reducing compliance risk for institutions and individuals, and the upcoming national election’s potential impact on BSA/AML enforcement.

We hope that you enjoy the podcast, moderated by our partner Alan Kaplinksy, and find it useful.

If you would like to remain updated on these issues, please click here to subscribe to Money Laundering Watch. To learn more about Ballard Spahr’s Anti-Money Laundering Team, please click here.  To visit Ballard Spahr’s Consumer Financial Monitor blog, please click here.