Attorneys watching this presentation can expect to learn the basics of Anti-Money Laundering (“AML”), including the definition of money laundering and the requirements of an AML program. In addition, they will learn about specific ways in which AML laws and regulations may apply to them in their practice, and recent proposals and updates that could impact attorneys in the future.
Attendees will hear about the status of the Financial Crimes Enforcement Network (“FinCEN”) Beneficial Ownership Advance Notice of Proposed Rulemaking, which becomes effective on January 1, 2024, and related issues. Attendees will also hear about other FinCEN releases, and recent law enforcement and regulatory actions that may impact practitioners. We will conclude by discussing recent and relevant AML enforcement actions brought by FinCEN, the Securities and Exchange Commission (“SEC”), and the Financial Industry Regulatory Authority (“FINRA”).
Key topics to be discussed:
FinCEN’s Beneficial Ownership Rules and implementation
Relevant AML Rulemaking
Recent and Relevant AML Enforcement Actions
Relevance of AML in the Legal Profession
Date / Time: November 9, 2023
12:00 pm – 2:10 pm Eastern
11:00 am – 1:10 pm Central
10:00 am – 12:10 pm Mountain
9:00 am – 11:10 am Pacific
Jeffrey Ziesman | Bryan Cave Leighton Paisner LLP
Jeffrey Ziesman’s practice focuses on Investment Adviser and Broker-Dealer regulatory and compliance issues. He has achieved successful outcomes for firms in SEC, FINRA and State regulatory examinations, investigations, and enforcement proceedings. Mr. Ziesman also advises Investment Advisers and Broker-Dealers on compliance and supervisory issues and has assisted firms in structuring their compliance programs and written supervisory systems and procedures. Mr. Ziesman has spoken to industry groups on a wide variety of investment adviser and broker-dealer regulatory concerns.
Mr. Ziesman is also a member of Bryan Cave’s Data Privacy and Security Team. In that capacity, he advises financial services firms on a wide array of data privacy issues, including the handling of data security breaches. Mr. Ziesman has also provided guidance to industry participants on the ever-changing requirements regarding protecting confidential customer data.
Mr. Ziesman was previously the Deputy Regional Chief Counsel for the Midwest Region of FINRA. In that capacity, he brought significant enforcement cases in such diverse areas as Regulation D, Anti-Money Laundering (AML); Regulation S-P; failure by firms to timely deliver prospectuses to customers; and supervisory controls and procedures. Mr. Ziesman brought one of the leading FINRA cases in 2011 relating to giving credit-for-cooperation, under FINRA Regulatory Notice 08-70, for a firm’s self-reporting violations. Mr. Ziesman was on Regulatory Disposition Groups for supervisory controls and AML at FINRA. In 2005, he received the FINRA Excellence in Service Award (only given to 1% of employees at FINRA) and in 2007 and 2004 was awarded FINRA President’s Award for his work on major matters.
I. Anti-Money Laundering | 12:00pm – 12:30pm
Definition of Money Laundering
AML Regulatory Landscape
AML Program Requirements
II. Relevance of AML in the Legal Profession | 12:30pm – 1:00pm
In re Grand Jury (U.S.) and other similar cases
ABA Releases and Pronouncements on AML
Intersection of Practice Areas and AML
Break | 1:00pm – 1:10pm
III. FinCEN’s Beneficial Ownership Rules and Implementation | 1:10pm – 1:30pm
Updates Regarding Rulemaking
Other Regulatory Releases Regarding Beneficial Ownership
IV. Other Regulatory Releases Regarding AML Issues In 2023 | 1:30pm – 1:50pm
SEC and FINRA Annual Examination Priorities Letters
SEC July 2023 Risk Alert Regarding Examinations of Broker-Dealers for AML Compliance
V. Regulatory Enforcement Actions | 1:50pm – 2:10pm
Recent Relevant Cases
Potential Future Areas, Given Regulatory Priorities