Responsibilities primarily include transaction monitoring and research of customers deemed to be "high risk" by our various financial institution clients as required by their respective Anti-Money Laundering (AML)/Bank Secrecy Act (BSA) programs. This position can be located in either our Cleveland, Ohio; Hudson, Ohio or Phoenix, Arizona offices.
The Beneficial Ownership rule is oftentimes considered a component of Know Your Customer (“KYC”) procedures. Most financial institutions have focused primarily on developing the policies, procedures, processes, and technology infrastructure required to collect beneficial ownership information, but financial institutions must understand how the rule interacts with other elements of their BSA / AML program.
This edition of AML Conversations features John Byrne and Jonathan Lopez, Partner in the white collar corporate investigations group at Orrick, Herrington & Sutcliffe in Washington DC. The discussion revolves around Jonathan’s previous career with the Department of Justice and the perspective he now has after transitioning to currently defending and advising white collar clients.
Financial Institutions (“FIs”) are required to take a risk-based approach in their BSA/AML compliance programs. The risk-based approach provides FIs with a large degree of flexibility in determining their risk thresholds for certain types of customers and transactions. International transactions carry different amounts of risk, depending on the jurisdiction. What methodology should FIs use to identify higher risk countries?
In today’s regulatory enforcement environment, staying ahead of the trends in BSA/AML compliance is critical. The stakes in minimizing risk have never been higher, compelling managers to focus on the promotion of healthy and responsible institutional practices within their financial institutions (“FIs”). A strong AML program operates in the background when things are going smoothly. However, when things go wrong, the consequences are usually severe and the weaknesses come to the forefront.
This episode features John Byrne, AML RightSource Vice Chairman, and Dan Soto who serves as Chief Compliance Officer at Ally Financial and is a member of the ACAMS Advisory Board. The conversation goes through Dan's career starting in the public sector to where he is today, including comments about compliance in 2018 and some of the things he has learned throughout his career.
On February 20, 2018, American Banker published "Did bank's KYC controls fail in Russian efforts to sing election" by Rachel Witkowski and Ian McKendry. The article discusses Know Your Customer (KYC) efforts and how process improvements could prevent future Russian efforts to influence elections.
Our second episode features John Byrne, former ACAMS Executive Vice President and current AML RightSource Vice Chairman and Board Member, discussing the intersection of fintech and community banking with John Waupsh, Chief Innovation Officer at Kasasa, and author of “Bankruption: How Community Banking can Survive Fintech.”
AML RightSource announced today that it has appointed John J. Byrne to Vice Chairman.
Welcome to the first episode of our new podcast series, AML Conversations. This series is dedicated to inform professionals and those interested in anti-money laundering about conversations happening in the government, private sector, and internationally. We will be posting interviews, live programming, and panel discussions related to the industry throughout the series to keep our listeners well-informed.