The New US Corporate Transparency Act: Why it’s Just Not That Transparent!
Featured Speakers :
Ross Delston is an independent American attorney, expert witness and former U.S. banking regulator (FDIC) who has specialized in BSA/AML issues for over 20 years.
Ross has been an expert witness in 15 civil cases involving AML and fraud, including Joint Liquidators of Stanford International Bank v. Toronto-Dominion Bank, a case arising from one of the largest Ponzi schemes in recent history, and, on behalf of the U.S. Attorney’s Office (SDNY), in U.S. v. Prevezon, a civil forfeiture action arising out of the Russian fraud that resulted in the death of Sergei Magnitsky.
He has also participated in the monitorships of AIG and BNP Paribas and has conducted numerous AML audits, assessments and reviews.
Ross has been a consultant to the International Monetary Fund (IMF) since 1997 and has participated in the AML/CFT assessments of nine offshore financial centers, including St. Vincent, Bermuda, Jersey and Guernsey.
He has also written AML/CFT and banking laws for countries in Africa, Asia, Eastern Europe, the former Soviet Union and the South Pacific.
He is the co-author of two law review articles on trade-based money laundering and has been quoted in numerous outlets, including the New York Times, Washington Post, Wall Street Journal, New Yorker, Times of London, Bloomberg, ICIJ, the Hindu Business Line (India) and the Nikkei (Japan).
Ross speaks on AML/CFT and banking issues at seminars and conferences throughout the world, including at the Peoples Bank of China, the Reserve Bank of India, and the U.S. FFIEC Advanced BSA/AML Specialists Conference.
Jim is the Principal and Founder of RegTech Consulting, a private consultancy aimed at developing the next generation of BSA/AML and financial crimes professionals, technologies, and programs.
Prior to founding RegTech Consulting, Jim worked for over 10 years as the BSA Officer, Global Head of Financial Crimes Risk Management at Wells Fargo & Co where he was responsible for governance and program oversight of Bank Secrecy Act and AML for Wells Fargo’s global operations. He was also a Member of the Wells Fargo Management Committee and Enterprise Risk Management Committee, and represented Wells Fargo with the Bank Secrecy Act Advisory Group (BSAAG), US Department of the Treasury.
From 2004-2005, James also served as the Global Anti-Money Laundering Operations Executive for Bank of America where he was responsible for the operational aspects of Bank of America’s global anti-money laundering and terrorist financing prevention monitoring, surveillance, investigations and related SAR reporting. James also represented Bank of America with the BSAAG.
Complimentary Webinar, Presented by ACFCS, Ross Delston and Jim Richards
The US Corporate Transparency Act (CTA) arrived at the start of the year with much fanfare, as part of the far-reaching financial crime reforms included in the AML Act of 2020. While some media coverage declared it would be the end of anonymous corporations in the United States, the reality is more complicated. There are many good elements of the CTA, but also some bad ones, and some things that are… well, just plain ugly.
In this session, join two of the top minds in fincrime for a freewheeling conversation on what the CTA gets right and wrong, why full corporate transparency isn’t guaranteed (or even likely), and what all this means for your fincrime prevention program.
You’ll hear insights on:
- Why names of corporate owners are treated like PII (personally identifiable information)
- Why not just any financial institution can access the FinCEN registry – you have to be anointed
- What access to the registry really means (it’s not what you think it is)
- Why front companies and shell corporations receive favorable treatment
- What the company registries of the United Kingdom, European Union and India share – and the U.S. doesn’t.
- How reporting company exemptions create loopholes
- Why the registry will likely take years to stand up and populate – so don’t hold your breath
This session is eligible for 1.5 CFCS credits.
Important note for ACFCS members: Please register using the same email address tied to your member account.