BANK SECRECY ACT and ANTI-MONEY LAUNDERING REGULATIONS IN THE NEW MILLENNIUM (2) (BUS618)

Professor Tim Lorah

Since the adoption of the USA Patriot Act in 2001, anti-money laundering laws and regulations have expanded and are still expanding from primarily a bank focus to an increasingly diverse set of non-bank financial institutions. Moreover, the BSA and its implementing regulations, which once involved compliance with a relatively discrete set of domestic reporting and recordkeeping requirements, now frequently intersect with the requirements of federal functional regulators and often non-U.S. regulators, requiring both stand-alone and affiliated financial institutions to establish and implement anti-money laundering policies and procedures that mesh across a global compliance program. This course is designed to be relevant both for newcomers and practitioners, with regulatory policy and compliance practice equally emphasized by a teaching team comprised of a noted former BSA regulator and a leading Wall Street compliance professional. The course provides an in-depth study of the U.S. and international anti-money laundering laws and policies as they continue to evolve, including a comprehensive overview of the BSA and its implementing regulations as they apply to various types of financial institutions (such as banks, bank holding companies, securities and futures broker-dealers, insurance companies, money service businesses, precious metals dealers, mutual funds, and hedge funds); a study of the intersection of the BSA with other financial regulation, the Foreign Corrupt Practices Act, and U.S. sanctions programs administered by the Office of Foreign Assets Control; a comparison of the legal framework and the rules and regulations of several major jurisdictions; and case studies demonstrating how law enforcement uses BSA information and emphasizing the legal and reputational risk to financial institutions; and the global impact of money laundering and financial crime.