• Anna Hamati on Key Lessons from the TD Bank AML Enforcement Action

  • Nov 11 2024
  • Length: 35 mins
  • Podcast

Anna Hamati on Key Lessons from the TD Bank AML Enforcement Action

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  • Summary

  • Welcome to the Hughes Hubbard Anti-Corruption & Internal Investigations Practice Group’s podcast All Things Investigation. In this episode, host Tom Fox is joined by Anna Hamadi, a counsel at Hughes Hubbard and Reed, to discuss the historic anti-money laundering (AML) enforcement action involving TD Bank. Anna outlines her professional background in compliance and offers a deep dive into the top five takeaways from the extensive consent order related to the TD Bank case. These takeaways highlight key compliance failures, including inadequate resource allocation, insufficient testing and auditing, a weak culture of compliance, poor training programs, and failures in filing accurate and timely CTRs and SARs. The discussion provides critical insights and practical advice for compliance professionals seeking to improve their own AML programs. Anna underscores the importance of allocating sufficient resources to compliance functions, conducting proper testing and auditing, fostering a strong compliance culture from the top, providing comprehensive training, and ensuring the timely and accurate filing of CTRs and SARs. Through detailed examples, she illustrates the real-world implications of these compliance failures and offers practical guidance for banks and financial institutions to avoid similar pitfalls. This episode is a must-listen for anyone involved in AML and regulatory compliance. Key Highlights · Overview of the TD Bank Case · Key Takeaway 1: Importance of Adequate Resources · Key Takeaway 2: Testing and Auditing · Key Takeaway 3: Culture of Compliance · Key Takeaway 4: Training Programs · Key Takeaway 5: Filing Timely and Accurate Reports Resources: Hughes Hubbard & Reed website Anna Hamati
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