- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
In the wake of the “Panama Papers” scandal, Treasury Department officials pledged a focus on issues related to shell companies and beneficial ownership. Making good on that promise, says Joe Mont, the agency has announced several actions, including: a customer due diligence final rule; proposed legislation on beneficial ownership, and ...
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Joe Mont talks to Robert Mazur, the undercover agent portrayed in the movie The Infiltrator, and Bill Sweeney, financial services evangelist at BAE Systems Applied Intelligence, about the shadowy underworld of money laundering.
What’s next for the infamous Panama Papers scandal? As governments around the world craft opportunity from crisis with various new rules and regulations, CCOs at financial institutions may find themselves at an inflection point. The challenge: how to leverage all that once-hidden data on shell companies? Joe Mont reports.
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
