The FinCEN Leaks: What Happens Next?

Presented by

Conor Coughlan, Rachel Woolley, David Doughty, Sam Gibbins, Graham Barrow

About this talk

No one truly knew the scale of money laundering and suspicious transactions activity that takes place every day across mainstream banking until the FinCEN files were leaked to the International Consortium of Investigative Journalists (ICIJ). This highly damaging treasure trove of Suspicious Activity Report (SAR)s (which had been filed for over a decade) with the United States - Financial Crimes Enforcement Network (FinCEN) blew the lid right off the sectors ability to fight financial crime. It shone a bright cold light on the multiple failings of the worlds’ leading financial services brands, their general inability to stop money laundering and/or their potential desire to turn a blind eye to some of the worlds most corrupt players and rogue states. In all, an ICIJ analysis found, the “documents identify more than $2 trillion in transactions between 1999 and 2017 that were flagged by financial institutions’ internal compliance officers as possible money laundering or other criminal activity”. This leak only relates to a fraction of all SARs filed during the period. What are professionals to make of this? How should practitioners, regulators and governments react? Is this old news or new news? Can we reverse the damage done? In this live webinar we will aim to answer your questions and to discuss: - What are the main issues with the FinCEN SARs? - How does the FinCEN leak compare to the Paradise and Panama papers? - How do we think investors, regulators & governments will react? - What change has to take place now and why? - What should banks do to stop financial criminals from using their firms for illicit purposes? - Questions & Answers

Related topics:

More from this channel

Upcoming talks (0)
On-demand talks (18)
Subscribers (1342)
Fenergo is the digital enabler of client and regulatory technology for financial services. It provides Client Lifecycle Management (CLM) software solutions for Financial Institutions including; Corporate & Institutional Banking, Commercial & Retail Banking, Asset Management, Private Banking & Wealth Management. Counting 70 global Financial Institutions as clients, its award-winning CLM suite digitally transforms how Financial Institutions manage clients; from initial onboarding to KYC/AML and regulatory compliance, to data management and ongoing lifecycle KYC reviews and refreshes. Fenergo CLM empowers financial institutions to deliver a faster, compliant and digital customer experience while achieving a single client view across channels, products, business lines and jurisdictions.