Meet the Expert
Connie Fenchel
President, AML Experts, Inc.
- 35 years of government and private sector experience in law enforcement, regulatory and management expertise in the areas of regulatory compliance, financial crimes and customs violations
- Expertise includes independent reviews and investigations, threat/risk assessments, domestic and international training, expert testimony and anti-money laundering program development
- Former Deputy Director, Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury
- Former Executive Director of Operations, Director of Financial Investigations, Group Supervisor, and Special Agent for the U.S. Customs Services
Meeting Packages from $600
Your Meeting Package Includes:
- All 10 Best Practices
- Pre-Meeting Discovery Process
- One-on-One Call with Expert
- Meeting Summary Report
- Post-Meeting Engagement
Anti-Money Laundering - Banks
President, AML Experts, Inc.
Risks & Opportunities
Risks
Criminal Risks – Penalties for money laundering violations:
- A person convicted of money laundering can face up to 20 years in prison and a fine of up to $500,000.
- Any property involved in a transaction that is traceable to the proceeds of the criminal activity, including property such as loan collateral, personal property, and, under certain conditions, entire bank accounts (even if some of the money in the account is legitimate), may be subject to forfeiture.
- Banks risk losing their charters, and bank employees risk being removed and barred from banking.
Operational Risks – Companies that stumble in AML compliance pay a steep price for failures:
- Revenue losses
- Customer defections
- Stock price declines
- Record financial penalties
- tarnished reputations
- Class-action lawsuits
- High legal and public relations costs
- Personal damage to the careers of the executives involved
(Source: http://www.oracle.com/us/industries/financial-services/062008.pdf)
Opportunities
- Can be marketed as a competitive differentiator
- Can be leveraged within the corporate culture to connect all employees
Anti-Money Laundering - Banks:
Risks & Opportunities
Expert Topic