Meeting Regulatory Expectations for AML and Sanctions Compliance

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Recent “laundromats” confirm that criminals can still exploit money laundering and sanctions evasion mechanisms to move funds undetected.

Financial firms face many challenges in trying to stem these flows, from ensuring a robust onboarding process, putting systems in place for ongoing reviews, and adopting tools for transaction monitoring. The convergence of AML, KYC, and sanctions also requires that firms take a holistic view of illicit finance.

Regulators remained highly focused on enforcement in these areas, with heavy civil as well as criminal penalties for failure to comply. The stakes are high for companies to take a proactive approach to intelligently reduce their risk and prevent compliance breakdowns.

In this podcast RANE Founder David Lawrence interviews Beth Davy, a partner in the Financial Services and Financial Services Litigation and Investigations Groups and co-head of the Economic Sanctions and Financial Crime Group at Sullivan & Cromwell. Her practice focuses on bank regulation and supervision, regulatory enforcement matters, and internal investigations. Ms. Davy is widely recognized as a leading expert in the areas of AML and economic sanctions compliance and enforcement. She has represented numerous financial institutions in high profile global investigations involving multiple U.S. government agencies, as well as public and non-public regulatory enforcement matters. She has also worked with trade associations and industry representatives on establishment of industry standards and guidelines in the AML and sanctions compliance area and in the evolution of heightened transparency in the international payments system. Ms. Davy was formerly a senior officer of the Federal Reserve Bank of New York’s Legal Department and Bank Supervision Group involved in regulatory and enforcement matters.

Click here to listen to the podcast.