In this episode, John Byrne and Elliot Berman unpack a series of significant developments in banking, compliance, and enforcement.
They begin with the White House’s new executive order on “Guaranteeing Fair Banking for All Americans,” which aims to prevent what some call “debanking.” While positioned as a fairness measure, John and Elliot warn that it could weaken banks’ ability to make independent, risk-based decisions, potentially increasing white-collar crime exposure. They note concerns over the subjective nature of risk scoring and parallels to the 2008–2010 financial crisis.
Next, they spotlight the IRS-CI “CI-FIRST” program, a collaborative effort between financial institutions and the IRS’s Criminal Investigation division to improve information sharing and streamline financial record requests. The recent CI-FIRST Executive Forum in Washington is seen as a model for effective public-private partnerships in combating financial crime.
The discussion then turns to enforcement actions:
Paxos Trust Company will pay $26.5 million to New York regulators for failing to properly vet Binance and for systemic AML program weaknesses, alongside a $22 million investment in compliance upgrades.
The DOJ issued its first corporate FCPA action since resuming enforcement, with Liberty Mutual paying $4.7 million to resolve bribery allegations involving Indian state-owned banks.
Do Kwon, co-founder of Terraform Labs, pled guilty to wire fraud and conspiracy, tied to the $40 billion collapse of Terra USD and Luna, with a $19 million penalty and possible 12-year sentence.
They also cover a Senate minority report critical of the administration’s approach to Russian sanctions, arguing it undermines Ukraine’s leverage and lacks consistent enforcement. The FACT Coalition emphasizes the need for tools like the Corporate Transparency Act to bolster sanctions’ effectiveness.
On the policy front, they discuss delays and staffing cuts affecting the State Department’s annual human rights report and the pending trafficking in persons report—both key references for global human rights and anti-trafficking efforts.
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In this episode, John Byrne and Elliot Berman unpack a series of significant developments in banking, compliance, and enforcement.
They begin with the White House’s new executive order on “Guaranteeing Fair Banking for All Americans,” which aims to prevent what some call “debanking.” While positioned as a fairness measure, John and Elliot warn that it could weaken banks’ ability to make independent, risk-based decisions, potentially increasing white-collar crime exposure. They note concerns over the subjective nature of risk scoring and parallels to the 2008–2010 financial crisis.
Next, they spotlight the IRS-CI “CI-FIRST” program, a collaborative effort between financial institutions and the IRS’s Criminal Investigation division to improve information sharing and streamline financial record requests. The recent CI-FIRST Executive Forum in Washington is seen as a model for effective public-private partnerships in combating financial crime.
The discussion then turns to enforcement actions:
Paxos Trust Company will pay $26.5 million to New York regulators for failing to properly vet Binance and for systemic AML program weaknesses, alongside a $22 million investment in compliance upgrades.
The DOJ issued its first corporate FCPA action since resuming enforcement, with Liberty Mutual paying $4.7 million to resolve bribery allegations involving Indian state-owned banks.
Do Kwon, co-founder of Terraform Labs, pled guilty to wire fraud and conspiracy, tied to the $40 billion collapse of Terra USD and Luna, with a $19 million penalty and possible 12-year sentence.
They also cover a Senate minority report critical of the administration’s approach to Russian sanctions, arguing it undermines Ukraine’s leverage and lacks consistent enforcement. The FACT Coalition emphasizes the need for tools like the Corporate Transparency Act to bolster sanctions’ effectiveness.
On the policy front, they discuss delays and staffing cuts affecting the State Department’s annual human rights report and the pending trafficking in persons report—both key references for global human rights and anti-trafficking efforts.
This week, John and Elliot discuss the recent GAO report on AI in financial services, AUSTRAC’s media release about crypto ATMs and their use in scams, fraud, and illicit finance, a new Canadian proposal to strengthen its boarders, including efforts to crack down on money launderers, a new North Dakota data security law impacting financial service providers, and other items impacting the financial crime prevention community.
AML Conversations
In this episode, John Byrne and Elliot Berman unpack a series of significant developments in banking, compliance, and enforcement.
They begin with the White House’s new executive order on “Guaranteeing Fair Banking for All Americans,” which aims to prevent what some call “debanking.” While positioned as a fairness measure, John and Elliot warn that it could weaken banks’ ability to make independent, risk-based decisions, potentially increasing white-collar crime exposure. They note concerns over the subjective nature of risk scoring and parallels to the 2008–2010 financial crisis.
Next, they spotlight the IRS-CI “CI-FIRST” program, a collaborative effort between financial institutions and the IRS’s Criminal Investigation division to improve information sharing and streamline financial record requests. The recent CI-FIRST Executive Forum in Washington is seen as a model for effective public-private partnerships in combating financial crime.
The discussion then turns to enforcement actions:
Paxos Trust Company will pay $26.5 million to New York regulators for failing to properly vet Binance and for systemic AML program weaknesses, alongside a $22 million investment in compliance upgrades.
The DOJ issued its first corporate FCPA action since resuming enforcement, with Liberty Mutual paying $4.7 million to resolve bribery allegations involving Indian state-owned banks.
Do Kwon, co-founder of Terraform Labs, pled guilty to wire fraud and conspiracy, tied to the $40 billion collapse of Terra USD and Luna, with a $19 million penalty and possible 12-year sentence.
They also cover a Senate minority report critical of the administration’s approach to Russian sanctions, arguing it undermines Ukraine’s leverage and lacks consistent enforcement. The FACT Coalition emphasizes the need for tools like the Corporate Transparency Act to bolster sanctions’ effectiveness.
On the policy front, they discuss delays and staffing cuts affecting the State Department’s annual human rights report and the pending trafficking in persons report—both key references for global human rights and anti-trafficking efforts.
