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International In-house Counsel Journal logoInternational In-house Counsel Journal logo

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

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.

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Author

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

Bruce Ortwine General Counsel, Americas, Advisor, Global Legal and Compliance for Sumitomo Mitsui Trust Bank, Limited and Sumitomo Mitsui Trust Holdings, Inc. (Retired)

Company

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

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.

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