Banks in the U.S. Face Increased Legal and Regulatory Compliance Requirements:

Bruce Ortwine, General Counsel and Deputy Legal Manager, Sumitomo Trust & Banking Co., USA

For banks conducting activities in the United States, a topic of increasing importance and concern is that of legal and regulatory compliance requirements.  U.S. bank regulatory agencies, including the regional Federal Reserve Bank, Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation, have in recent years placed extreme emphasis on Bank Secrecy Act/Anti-Money Laundering Compliance Programs, and the U.S. and non-U.S. banks that have been subjected to written—and public—enforcement actions, including cease and desist orders, deferred prosecution agreements and monetary fines well into the eight figures, read like a “Who’s Who” of the banking industry in the United States.

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USA Regulation Banking & Finance September 2009 Vol. 2, No. 8, Summer 2009

Bruce Ortwine

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Bruce A. Ortwine is the Joint General Manager and General Counsel for the North American operations of The Sumitomo Trust & Banking Co., Ltd., one of the largest Japanese banks in the world. He is also a member of the Board of Directors and Chairman of the Trust Committee, as well as the External General Counsel of, Sumitomo Trust & Banking Co., (U.S.A.), a New Jersey state chartered qualified bank and a major global custodian bank. He was worked at both banks since 1990. Before then, he worked at two different law firms in New York City, where he specialized in corporate, securities, banking, venture capital, mergers and acquisitions and entertainment law. He has published numerous articles, mostly in leading Japanese legal and financial publications, since the early 1990’s. He is admitted as an attorney in New York, New Jersey and Pennsylvania and is a member of numerous professional organizations.

Sumitomo Trust & Banking Co

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USA Regulation Banking & Finance September 2009 Vol. 2, No. 8, Summer 2009