This month our expert panel answered our user-submitted compliance questions as we move further into 2021.
- Related to the October 2020 Citibank enforcement action and the July 2020 Capital One enforcement action, is this the beginning of a trend of citing enterprise-wide risk governance failures rather than the more detailed Anti-Money Laundering execution failures? (06:44-19:10)
- What are the first five actions that a Chief Compliance Officer for a social media company should take to spread a compliance culture in the organization, in addition to combating sanction evasion and terrorist fundraising or communication through the biggest social media platform? Not necessarily about regulating social media postings, but focused on protecting the social media platform from illicit financing threats issues. (19:11-30:25)
- Will the declaration by the former U.S. Secretary of State designating what is allegedly happening in China against certain minority communities as genocide have any immediate sanctions implications? What is the panel’s analysis on the possible implications of such a designation? (30:26-39:34)
- What is the impact of the White House regulatory freeze pending review notice to heads of U.S. departments and U.S. agencies? What can we expect to see over the next couple of days/ weeks as a result of this? (39:35-47:45)
- What sorts of plans are in place for enhancing the communication between law enforcement and financial institutions? And are there any scenarios where communication can be initiated by FIs with law enforcement without passing through FIUs? (47:46-58:43)
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