This week in Anderson we talk with former Anderson HS and current Notre Dame OL Zeke Correll. Zeke talks about his time at Anderson and also his experience at Notre Dame

This week in Anderson Zeke Correll Podcast #85 April 2nd 2023

Another very busy week in financial crime prevention. John and Elliot discuss several items, including new sanctions, a letter from the House and Senate to Treasury and FinCEN, and a financial trend analysis issued by FinCEN.

Lots To Talk About This Week

UBS and Art Basel recently issued their report, The Art Market 2023. The report includes a discussion of the concerns about the compliance burdens of market participants. John and Elliot examine those concerns and why those markets must align with others to stem money laundering and illicit finance. They also discuss the new stolen art app from the FBI.

Illegal Uses of the Art and Antiquities Markets

The Wolfsberg Group has published updated Anti-Bribery and Corruption Compliance Programs guidance. John and Elliot discuss critical elements of the guidance and the importance of financial service providers maintaining effective programs.

The Wolfsberg Group Updates its Guidance on Anti-Bribery and Corruption

Sanctions against Russia have been a meaningful part of the support for Ukraine by the United States and the European Union. A significant challenge to the sanctions has been the efforts by bad actors and supporters of Russia to evade them. John and Elliot discuss the evasion problem, how the US is working with its allies to increase the impact of the sanctions, and ideas from some economists on increasing sanctions effectiveness.

Making Russia Sanctions More Effective

The US Treasury has issued its 2023 De-risking Strategy. The report reviews the reasons that banks engage in de-risking and includes recommendations to reduce the impact of the practice. John and Elliot discuss their thoughts on the strategy, where they think Treasury got things right, and where it missed opportunities.

Treasury’s 2023 De-risking Strategy

John and Elliot explore how intermediaries are helping evade sanctions and bring luxury goods to Russia. They also discuss new cooperation between the sanction teams in the US and EU and touch on other financial crime prevention news.

Sanctions Evasion, Sanctions Cooperation, and Other News

The Financial Crimes Enforcement Network (FinCEN) has published a Small Entity Compliance Guide for beneficial ownership information. A set of FAQs accompanies the guide. John and Elliot discuss the guide, the current compliance deadlines announced by FinCEN, and their thoughts on what may change shortly. They also chat about a recent consent order between FinCEN and an international banking entity in Puerto Rico.

Beneficial Ownership Compliance for Small Businesses

This week Nasdaq issued its 2024 Global Financial Crime Report, the UN Office of Drugs and Crime released a report on casinos, underground banking, and money laundering, and the Anti-Defamation League published a report on the use of cryptocurrency exchanges by US extremists to foster their fundraising efforts. John and Elliot discuss these reports and their meaning for the financial crime compliance community.

Lots of Reports this Week

John and Elliot discuss several developments impacting the financial crime community this week. These include a report on foreign investment in the US, the interagency statement on the AML/CFT program proposal, and the regulatory agenda for the Treasury Department. They also talk about the report from the House Financial Services Committee working group on AI, new sanctions on fentanyl producers, and a Europol report on migrant smuggling.

Foreign Investment in the US, Fentanyl Sanctions, Europol Report on Trafficking, and Much More

Sports can be fun, frustrating and gratifying. Join Dingo (Dan Albers) and The Coach (Steve Ellis)) as they talk about all thing's sports & more in the Cincinnati area and beyond. Each episode contains heartfelt interviews from guests growing up in sports, their takes on current sporting events and their views as a fan and a Coach.

AML Conversations is dedicated to inform professionals and those interested in anti-money laundering about conversations happening in the government, private sector, and internationally. Throughout the series John Byrne, AML RightSource Vice Chairman, will interview industry experts or participate in live programming or panel discussions related to the industry.

New tracks tagged #TWIA