The financial-services industry has been disrupted and roiled by a perfect storm of forces. Complex regulatory-compliance requirements, aging legacy systems, dated operating models, digital innovation and fintech have rapidly changed the environment for many financial institutions worldwide. To further amplify the challenges for financial institutions globally, various regulatory bodies across the globe have enacted major legislative changes, increasing the pressure on boards and C-level executives significantly. Unlike previous years, this new regulatory focus on anti-money laundering (AML) can be seen globally as various regulatory regimes converge closer to a global standard as promulgated by the Financial Action Task Force (FATF). Increasing regulatory enforcement, geopolitical changes and record-setting monetary fines have made adequate AML risk management a significant challenge for financial institutions globally. In this environment, financial institutions need to become more risk agile and move from backwards looking compliance measures to proactive risk management.
This book will showcase how to transform current AML compliance efforts into more dynamic risk management solutions that help protect financial institutions against bad actors and manage regulatory risk and exposure. Based on the authors global experience in helping financial institutions to manage their AML risks in 60+ jurisdictions, this book calls for greater urgency from boards and senior management, policymakers and AML risk practitioners to address looming risks. From corporate governance structures, tone at the top, to more efficient ways to quantify and manage risks, this book addresses key changes financial institutions must make to evolve from strict compliance to an agile risk management framework that actually addresses their AML risks in practical ways and shift the mind set from a cost center to a value creation center.
Part I The Perfect Storm.
Chapter 1: The Past 20 Years Of Anti-Money
Laundering Enforcement And Billions In Fines Later.
Chapter 2: The Brewing
Of A Perfect Storm Increasing Regulatory Focus And Changing Legislation.-
Chapter 3: Us Turbocharging Enforcement Powers.
Chapter 4: Europe A
Money Launderers Dream Or Paradise Lost.
Chapter 5: Brexit Leaving The Eu
Patchwork.
Chapter 6: Latin America Internationa Banks Instill Greater
Fear Than Local Regulatory Bodies.
Chapter 7: Asia The Economic Engine Of
The World But Still Playing Catch Up With Anti-Money Laundering.- Part II
How To Bulletproof An Aml Compliance Program.
Chapter 8: Barbarians At The
Gates Responding To Regulatory Enforcement Actions And Crisis Management.-
Chapter 9: The Role Of The Board Of Director More Than Only Tone At The
Top!.
Chapter 10: Raising The Bar On Aml Risk Assessments.
Chapter 11: Your
Customer - Your Friend Or Enemy Within?.
Chapter 12: De-Risking The
Process Of RiskReduction That Actually Increased Risk.
Chapter 13:
Transaction Monitoring - Finding The Needle In The Haystack, But Are We
Looking At The Right Haystack?.
Chapter 14: Looking Ahead.
Sven Stumbauer is a globally recognized financial crimes expert and forensic investigations professional with over 20 years of experience around the globe. He is a highly sought after business leader, global risk expert, and advisor to leaders and organizations across the world. Sven's industry experience includes: domestic and international banks; broker/dealers; insurance companies; trust companies; and hedge funds and payment providers, focusing on corporate governance, regulatory compliance, fraud issues, Anti-Money Laundering (AML), Office of Foreign Assets (OFAC), Foreign Corrupt Practices Act (FCPA), the UK Bribery Act (UKBA) and Foreign Account Tax Compliance Act (FATCA) compliance. He has assisted major financial institutions throughout the world and has a wealth of experience leading complex, high-profile global projects, providing services to clients in over 60 countries. Sven frequently publishes and is quoted in wellknown publications such as: The Financial Times, The Wall Street Journal, Bloomberg, International Financial Law Review, China Business Law Journal, International Banker, Law360, Reuters, Securities Industry News, The Deal and more.
