Partner Constantine Lizas was a panelist during Practising Law Institute’s, “Anti-Money Laundering 2023: Risks, Due Diligence and Compliance in an Evolving Legal World,” a full-day educational program that took place on May 16 in New York City.

Topics covered during Constantine’s session, “Regulatory Priorities: Beneficial Ownership, Effective AML Programs, National Priorities, and More,” included:

  • FinCEN’s announcement of its national AML priorities, and how can they be acted upon in a meaningful way.
  • The BSA now requires by statute “effective” AML programs to be “risk based,” and what that means, in practice?
  • The AML Act seeks to maximize effective BSA reporting, such as SARs and CTRs, in part through enhanced information sharing between government and industry. Is progress occurring, and how might that goal be best realized?
  • The CTA requires beneficial ownership reporting by businesses upon incorporation. Do the implementing regulations appear to be effective? What is the impact of the CTA on existing customer due diligence requirements for financial institutions?

The co-panelists joining Constantine were Peter D. Hardy, Ballard Spahr LLP and Matthew S. Haslinger, M&T Bank.