BSA/AML and OFAC Sanctions Updates You Should Know – AML Act of 2020, Corporate Transparency Act (CTA), OFAC / Sanctions and More


The session will give a brief overview and update of the AML Act of 2020 inclusive of recent FinCEN priorities and updates through the end of 2023 into 2024. We will then do a deep dive on the specifics of the Corporate Transparency Act (CTA) and discuss what the changes may mean for your Banks and why you should become familiar with the term BOSS. Will this be an obligation for your Bank and what changes do you need to think about making? This will lead into recent progress made and next steps for implementation of the requirements. Next, we will cover recent OFAC / Sanctions fines and penalties and discuss the increasing focus on Russian individuals and entities as well as geographic sanctions which are always difficult to comply with. Lastly, we will outline the lasted developments and uses of Artificial Intelligence (AI) in AML and Fraud monitoring / systems and what some of the key risks are with this innovation.

Deb Thoren-Peden
Pillsbury Winthrop Shaw Pittman LLP

Jacob Rivkin
Senior Manager
Crowe LLP