After lingering in regulatory limbo for the last four years, the Financial Crimes Enforcement Network (FinCEN) published the new customer due diligence (CDD) beneficial ownership final ruling in 2016, creating the “fifth pillar” of the Bank Secrecy Act (BSA).1 Regulators were always clear that formalizing...

Good morning Chairman Crapo, Ranking Member Brown and distinguished members of the Committee. Thank you for the opportunity to testify before you today. My name is Dennis M. Lormel. I have been engaged in the fight against money laundering, financial crimes, terrorist financing and other...

I appreciate the opportunity to discuss the major progress and commitment of the gaming industry to anti-money laundering (AML) success and improvement. As we all know, without the full support of compliance, legal and business professionals to make AML a better place regarding the detection...

The specter of terrorism has emerged once again accentuating the vulnerabilities of soft targets in open and free society. This time the events unfolded in the Catalonia region of Spain. First was an explosion in the town of Alcanar, and next was the attack in...

In the present-day regulatory regime, financial firms invariably fall short of regulators’ expectations, despite spending large amounts on compliance. This shortage results in heavy penalties and reputational loss, which has a far-reaching impact on business. In some cases, it can even amount to the suspension/revocation...