Technology is a double edged sword. On the one hand it gives compliance professionals better tools to catch the bad actors, but it also empowers criminals to perpetrate their actions successfully.
Today we are joined by Dan Stipano, Partner at Davis Polk & Wardwell, who has extensive regulatory and enforcement experience including more than 30 years at the Office of the Comptroller of the Currency (OCC).
Dan helped us understand how our anti-money laundering frameworks have been struggling mightily to keep up with developments and we reflect on the challenges to improve in our fight against financial crime.
Topics discussed in this episode:
- The dual effect technology has over financial crime
- Why information sharing is critical to combat financial crime
- How regulatory expectations are much higher today
- How anti money laundering frameworks are outdated on a global scale
- How sanctions can shape AML compliance programs
- How sanctions are not political agnostic
- The real obstacles for information sharing and what we can do to overcome them
- 3 Pieces of practical advice for compliance officers looking to combat financial crime