Global Association of Risk Professionals Features Braden Perry in Antiquities AML Article
Global Association of Risk Professionals (GARP) features Braden Perry, among other experts, in an article regarding the Anti-Money Laundering Act extension.
The Anti-Money Laundering Act of 2020 recently widened their scope by including news rules on trade in antiquities. This act has considerable financial industry support for provisions and brings more entities and transactions into the hunt for criminal and corrupt activity. Braden Perry, partner at Kennyhertz Perry, says that one of the biggest challenges for AML compliance is the constantly changing perceptions of risk.
“When AML risk changes solely based on regulation requirements, an organization must be able to tweak and adapt the entire regulatory process at the service level in real time,” Perry says. “Whenever a change or new adaption of risk interpretation is applied, the compliance program must reassess all the subjects in the database, recalculate the risk, and alert the compliance team should the subject have moved across the brackets of the systematic-based approach.”
To read this article in full: https://www.garp.org/risk-intelligence/culture-governance/antiquities-are-new-front-in-aml-battle
About Kennyhertz Perry’s Financial Services practice group:
Kennyhertz Perry integrates broad regulatory expertise, including compliance and enforcement, with the transactional practices to which that expertise is critical. We are called upon by businesses who need help navigating current and future regulatory challenges stemming from the global financial crisis. To assist our clients in understanding the issues that will affect their industries, entities and transactions, we understand the impact of regulations and requirements of both The Dodd-Frank Wall Street Reform and Consumer Protection Act and a wide variety of U.S. and foreign regulatory reforms targeting investment business and market structures, alternative investment fund managers, private equity and others, central clearing and exchange-trading of derivatives, market abuse and insider dealing, capital regimes, and commodity derivatives.
Kennyhertz Perry attorneys also have broad BSA/AML experience across the spectrum of bank and non-bank financial institutions. These include traditional chartered banks, broker-dealers, commodity trading advisors, money transmitters, non-bank lenders, and virtual currency businesses. We are experienced in counseling and drafting BSA/AML practices, policies, and procedures. Our combined knowledge and skill permit us to anticipate potential problems before they become serious issues and assist clients in responding effectively to regulatory and law enforcement criticisms or inquiries.
Kennyhertz Perry regularly counsels lenders, investment advisers, broker-dealers, and fund managers on the laws, rules, and regulatory developments affecting their business, including regulatory requirements, risk management, licensing and registration, sales and marketing practices and materials, manuals and training, day-to-day compliance.
Kennyhertz Perry, LLC is a business and litigation law firm representing clients in highly regulated industries. The firm was founded by two veteran Kansas City attorneys, John Kennyhertz and Braden Perry. To learn more about the firm, visit kennyhertzperry.com.
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