New Scrutiny on Money Laundering

The video discusses the impact of the Pandora Papers on financial institutions, focusing on how they handle negative news and regulatory obligations. It covers the Anti Money Laundering Act, highlighting its components like the corporate ownership database and whistleblower program. The discussion extends to risk assessment priorities, including cyber crime and domestic terrorism. The video also addresses the compliance challenges posed by virtual currencies and the implications of the beneficial ownership registry. Audience questions explore the role of FinCEN and the new AML law's specifications.

How do virtual currencies present unique risks for financial institutions?

What challenges might arise from the implementation of the new anti-money laundering regulations?

What steps should financial institutions take to prepare for the new whistleblower program?

In what ways can financial institutions enhance their compliance programs in light of the new law?