Custodian Crackdown: An Analysis of Regulators’ Actions against Custodians, FCMs, & Broker-Dealers
FinCEN in April 2023 announced its first enforcement action against a trust company that is also a custodian that manages at least $10b in assets.
A civil money penalty was assessed for willful violations of the U.S. Bank Secrecy Act (BSA).
Recently, we’ve seen an increasing number of enforcement actions and greater regulatory scrutiny of securities-related firms, including broker-dealers, futures commission merchants, and now custodians. What are the implications and what can institutions and firms do to prepare for any scrutiny?
Experts from SymphonyAI Sensa-NetReveal and EY will discuss the details of these enforcement actions, FinCrime and Compliance issues these types of institutions face and how other institutions can avoid these pitfalls.
The key takeaways for this session include:
– Key areas of regulatory attention from recent enforcement actions
– The compliance risks that are faced by custodians and other securities-centric firms
– Steps to enhance your compliance programs
– Elizabeth Callan: AML/FinCrime Compliance & Risk Management SME, SymphonyAI Sensa-NetReveal
– Robert Mara: Partner / Principal, EY
– John MacKessy: Managing Director of AML Compliance, BlackRock
– Cheyenne Vyska: Training Manager, ACFCS