AML/CFT and Sanctions Compliance in the Age of COVID-19: Current Issues and What Lies Ahead

Unfortunately, the spread of COVID-19 is creating increased illicit finance and sanctions risks for financial institutions at a time when compliance resources may also be stretched thin.

Regulators in the United States and globally have responded with a plethora of new guidance related to illicit finance and sanctions risks during the COVID crisis, but it is not clear how they will assess financial institutions’ compliance in the long term. 

AML/CFT and sanctions experts John Smith, Sarah Runge, Kendall Day and Jennifer Fowler discuss the compliance challenges financial institutions are facing during this crisis and what will matter most for enforcement going forward.

 

Submit your details below to access the on-demand recording. 

Featured Speakers:

John E. Smith, Morrison & Foerster
Co-head of National Security practice, and a member of the Global Risk + Crisis Management practice and Investigations + White Collar practice

John served as the Director of OFAC, as well as its Deputy Director and Associate Director, for 11 years before joining MoFo in July 2018. Concurrent with serving as OFAC Director, Mr. Smith also served as acting Under Secretary for the Office of Terrorism and Financial Intelligence at Treasury. Mr. Smith has overseen the U.S. government’s economic sanctions efforts, imposing sanctions on heads of state, countries, and illicit actors; conducting enforcement actions against dozens of major financial institutions and companies around the world; and developing innovative sanctions enforcement policies to address evolving U.S. national security priorities. Mr. Smith was named by Global Investigations Review (GIR) in November 2019 as one of the most respected Washington, D.C. sanctions lawyers.

Sarah Runge, Credit Suisse
Global Head of Financial Crimes Compliance Regulatory Strategy

In her current role, Sarah works across the FCC and Regulatory Affairs teams in Credit Suisse to develop a global plan to engage with and manage regulatory risk related to FCC.  Prior to joining Credit Suisse, Sarah spent over ten years in the U.S. Treasury Department’s Office of Terrorist Financing and Financial Crimes most recently as the Director of the Office of Strategic Policy in the Office of Terrorist Financing and Financial Crimes. In these roles, Sarah developed domestic and international initiatives to address illicit finance through her work with supervisors, law enforcement, and policy makers in the United States and globally.  Her work included leading the U.S. delegation to the Financial Action Task Force and representing the U.S. Treasury Department at the G-7, G-20 and the Financial Stability Board.

Kendall Day, Gibson, Dunn & Crutcher
Partner, White Collar Defense and Investigations and the Financial Institutions Practice Groups

Mr. Day’s practice focuses on internal investigations, regulatory enforcement defense, white-collar criminal defense, and compliance counseling. He represents multi-national companies, financial institutions, and individuals in connection with criminal, regulatory, and civil enforcement actions involving anti-money laundering (AML)/Bank Secrecy Act (BSA), sanctions, FCPA and other anti-corruption, SEC and other regulatory investigations, securities litigation, tax, wire and mail fraud, unlicensed money transmitter, and sensitive employee matters. Mr. Day’s practice also includes AML/BSA compliance counseling and due diligence, and the defense of forfeiture matters.

Prior to joining Gibson Dunn, Mr. Day spent 15 years as a white collar prosecutor with the Department of Justice (DOJ), rising to the highest career position in the DOJ’s Criminal Division as an Acting Deputy Assistant Attorney General (DAAG).  As a DAAG, Mr. Day had responsibility for approximately 200 prosecutors and other professionals.  Mr. Day also previously served as Chief and Principal Deputy Chief of the Money Laundering and Asset Recovery Section.  

Moderator and Speaker:
Jennifer Fowler, Brunswick Group
Director

Jennifer is an expert in illicit finance and economic sanctions-related issues, having served in senior positions in the U.S. Department of the Treasury for nearly two decades.

In her roles at Treasury, Jennifer developed and led the implementation of counter-illicit finance strategies and policies. She was most recently Treasury’s Deputy Assistant Secretary for Terrorist Financing and Financial Crimes, and served as the Vice President of the Financial Action Task Force (FATF), the global standard setter for anti-money laundering and countering the financing of terrorism. Jennifer has deep expertise in the U.S. and international regulatory frameworks for anti-money laundering, counter-terrorist financing, and counter-proliferation financing, as well as the range of illicit finance and sanctions risks companies face today.