The U.S. Department of Justice and banking regulators have stepped up the pace of criminal, civil and administrative actions against banks, payment processors, money transmitters and other financial institutions for violations of the Bank Secrecy Act, including through a DOJ initiative known as “Operation Chokepoint.” Criminal charges for failing to maintain an effective Anti-Money Laundering Program or for failing to file Suspicious Activity Reports, are no longer uncommon when the government believes, sometimes with the benefit of hindsight, that a financial institution missed “red flags” in connection with a customer’s account.
LISTEN TO A WEBCAST DISCUSSION with StoneTurn’s Jonny Frank and Jeff Coopersmith of Davis Wright Tremaine to learn about the regulatory and enforcement landscape, business risks, and compliance best practices in this area.
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Jonny Frank, a Partner with StoneTurn, brings more than 40 years of public, private and education sector experience in forensic investigations, compliance and risk management. He joined StoneTurn in 2011 […]