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.

Author

Bruce Ortwine

External Advisor, Global Legal and Compliance, Sumitomo Mitsui Trust Group, Inc.; Adjunct Professor of Law, Rutgers University School of Law, n/a, USA

Bruce Ortwine External Advisor, Global Legal and Compliance, Sumitomo Mitsui Trust Grroup, Inc.; Adjunct Professor of Law, Rutgers University School of Law Sumitomo Mitsui Trust Group, Inc. is a financial conglomerate and holding company with a variety of financial institution subsidiaries, including in the banking, asset management, real estate brokerage and leasing sectors. Its largest subsidiary, Sumitomo Mitsui Trust Bank, Inc., is the largest trust bank in Asia and a major international bank with offices throughout Asia, Europe and the U.S.

Company

n/a

Sumitomo Mitsui Trust Group, Inc. is a financial conglomerate and holding company with a variety of financial institution subsidiaries, including in the banking, asset management, real estate brokerage and leasing sectors. Its largest sunsidiary, Sumitomo Mitsui Trust Bank, Limited s the largest trust bank in Asia and a major international bank with offices throughout Asia, Europe and the United States.

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

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External Advisor, Global Legal and Compliance, Sumitomo Mitsui Trust Group, Inc.; Adjunct Professor of Law, Rutgers University School of Law, n/a, USA

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Bruce Ortwine

External Advisor, Global Legal and Compliance, Sumitomo Mitsui Trust Group, Inc.; Adjunct Professor of Law, Rutgers University School of Law, n/a, USA

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

Abstract

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Company

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