U.S. Plays Catch-up to Close Long-Standing Gaps in Anti-Money Laundering Laws: Part One

May 2022

Abstract

The U.S. Government finally seems to begin focusing on closing long-standing and significant gaps in existing anti-money and contra-terrorist financing laws (together, “AML”) that have been in existence for nearly a half-century and were more recently enhanced through the passage of the USAPATRIOT ACT (the “Patriot Act”) in 2001 following the September 11 attacks. The Patriot Act imposed massive new requirements on the U.S. financial industry, including banks and brokerage firms, and these requirements led to numerous enforcement actions and monetary fines, often exceeding one billion dollars, against financial institutions that did not comply with the new Patriot Act requirements.

Company

Sumitomo Mitsui Trust Bank, Limited and Sumitomo Mitsui Trust Holdings, Inc.

SMTB is the largest trust bank in Asia and a major international bank with offices throughout Asia, Europe and the U.S. Its parent holding company, Sumitomo Mitsui Trust Holdings, Inc. is a financial conglomerate with a variety of financial institution subsidiaries, including in the banking, asset management, real estate brokerage and leasing sectors.

Part One of this Article focused on the U.S. Government’s anti-money laundering/contra terrorist financing (“AML”) efforts, certain deficiencies in the 2001 USA Patriot Act, which was enacted following the terrorist...Read more

Bruce Ortwine

General Counsel (retired), Americas; Adviser, Global Legal and Compliance (Retired), Sumitomo Mitsui Trust Bank, Limited and Sumitomo Mitsui Trust Holdings, Inc., USA

Anti-Money Laundering Functions of Credit Organizations in Russia

This paper provides you brief observation of anti-money laundering (hereafter-AML) functions assigned to the credit organizations in Russia. AML requirements are vary greatly from region to region. Although Russia follows...Read more

Stella Gukova

Head of Legal and Compliance, JCS Sumitomo Mitsui Rus Bank, Russian Federation

Safeguarding privacy and fairness: the role of AI in fraud detection and AML within the recent EU legal framework developments

Artificial Intelligence (AI) is playing an increasingly pivotal role in fraud detection and anti-money laundering (AML) efforts, offering enhanced capabilities to identify and prevent illicit activities. This paper explores the...Read more

Enik Pogace

Head of Employee Relations Division , Bank of Albania, Albania

Operating in a New Frontier: AI Use Cases, Business Risks, and the Regulatory Policy Outlook

We are living in an era where artificial intelligence (AI), specifically generative AI, is reshaping many facets of our daily lives, from the way we work and communicate, to having...Read more

Muyiwa Odeniyide

Director & Associate General Counsel, Nasdaq , USA

U.S. Plays Catch-up to Close Long-Standing Gaps in Anti-Money Laundering Laws: Part One

Abstract

Author

Company

Sumitomo Mitsui Trust Bank, Limited and Sumitomo Mitsui Trust Holdings, Inc.

Related Papers