AML Compliance Basics for Lawyers

(267 Ratings)

Produced on: November 14, 2017

Course Format On Demand Audio

Taught by

Categories:

Course Description

Time 61 minutes
Difficulty Beginner

This course, led by attorney Kathleen Scott, will be an introduction to anti-money laundering (AML) compliance requirements for various financial services businesses. Here, she discusses what practitioners need to know to effectively counsel clients in such matters.

Join Ms. Scott as she provides the basics on anti-money laundering requirements, including the law, regulations, international standards, and guidance on each. She will also address the role of the Financial Crimes Enforcement Network, as well as the roles of other regulators.


Learning Objectives:

  1. Identify the major governing statutes and regulations of AML
  2. Determine which regulations are applicable to which entities
  3. Discuss the role of the Financial Crimes Enforcement Network and other regulators
  4. Establish best practices for effectively counseling client in AML matters



Faculty

Kathleen A. Scott

Norton Rose Fulbright

Kathleen A. Scott is a senior counsel in the New York office. She represents financial institution clients with respect to the regulatory aspects of mergers and acquisitions, establishment of new banking organizations and nonbanking affiliates, and other transactions.

Kathleen advises foreign and domestic financial institutions on a broad range of federal and state regulatory issues affecting all their operations and interacts routinely with federal and state banking regulators. She has expertise regarding U.S. federal and New York and various other state banking laws and regulations regarding banks as well as nonbank financial companies that might require licensing at the state level. 

Kathleen also counsels financial institutions on their compliance with federal consumer, privacy and anti-money laundering legislation and regulations; and represents financial institutions facing enforcement or other supervisory actions or investigations by state and federal regulators.

Kathleen began her career as an attorney for the United States Department of Treasury and also served as an assistant counsel for the New York State Banking Department before going into private practice at two major NY law firms before joining Norton Rose Fulbright.

Education

  • American University, Washington College of Law
    • J.D., 1982
  • Villanova University
    • B.A., cum laude, 1979

    Representative Experience

    • Obtained federal and state regulatory approvals for numerous clients regarding establishment of new banking institutions, bank holding company and financial holding company status, mergers, acquisitions, and new products
    • Developed and implemented plan for chartering of a bank by a major non-bank financial institution, including obtaining all state and federal regulatory approvals
    • Obtained the first "complementary to financial" order from the Federal Reserve Board on an insurance-related product
    • Developed and implemented strategies for the US expansion of a major foreign bank, including seeking all state and federal regulatory approvals
    • Negotiated major enforcement actions from both the private sector and public sector sides for US banks and US offices of foreign banks, and assisted clients with enforcement action compliance
    • With respect to the reorganization of a major European bank, obtained US federal and New York state regulatory approvals, and coordinated other US state approvals
    • Developed and implemented strategies regarding, and obtained regulatory approvals for, internal reorganizations for certain US banking organizations, including preparation of all corporate documents and regulatory applications
    • Drafted federal legislation and significant number of federal regulations, particularly with respect to anti-money laundering laws
    • Drafted significant amount of state legislation and regulations on financial matters, including the NY Banking Law regarding liquidations of New York State-chartered banks and State-licensed offices of non-U.S. banks, and the New York Banking law on the licensing and supervision of the U.S. offices of non-U.S. banks
    • Drafting corporate governance documents relating to the establishment of new banks and non-bank financial institutions, their transactions, and their ongoing corporate matters
    • Reviewing and revising bank policies for conformance with applicable laws and regulations
    • Drafting financial institution inter-company agreements and advising on financial institution servicing agreements with third party vendors
    • Extensive experience in bank liquidation matters, having assisted in the liquidation of the New York office of a major international bank and the liquidation of an uninsured "banker's bank" for the thrift industry, as day-to-day legal liaison between the New York State Banking Department and those conducting the liquidation, and supervisor of outside counsel and other consultants
    • Certified as a New York state foreign bank liquidation law expert for purposes of testifying in Bankruptcy Court in a unique bank liquidation case
    • Represented the receiver of a failed New York bank, who under unique circumstances had been appointed to that position by the New York Superintendent of Banks

    Professional Activities

    • New York State Bar Association
      • Banking Law Committee, chair
    • New York City Bar Association
      • Banking Law Committee, chair (2006 -2009)
    • American Bar Association
      • Banking Law Committee, member

      Professional Honors

      • Chambers Global: The World's Leading Lawyers for Business - Latin America-wide
        • Banking & finance, Chambers and Partners (2012)
      • Chambers Latin America: Latin America's Leading Lawyers for Business
        • Banking & finance, Chambers and Partners (2012)
      • New York Super Lawyers
        • Banking, Thomson Reuters (2010 - 2011)

Reviews

DD
David D.

Excellent presentation.

ML
Michael L.

excellent presentation.

BL
Beverly L.

Kathleen Scott is well versed on the subject and provided basic information in a manner that kept your attention.

LB
Lewis B.

excellent!

NK
Nicholas K.

Excellent overview of AML...

EF
Elliot F.

Good presentation regarding complex issue.

SS
Sheila S.

The instructor was quite knowledgeable. She packed in a lot of information.

AD
Anna D.

Really enjoyed the faculty; very natural clearly knew what she was talking about. Seemed like she had to speak quickly to fit everything into an hour. May be better as a 90 min course.

JB
Janine B.

This course should be required for all attorneys.

MN
Marshall N.

Thanks.

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