Bank Found Negligent In Instituting Anti Money Laundering Policies


Securities ExpertThis case involves a bank in Chicago that served as a trustee to a large insurance company. The trust account contained eligible securities valued at $15 million. The bank subsequently allowed a third-party to deposit ineligible securities into the account and sell the good bonds. The third party was an investment adviser who worked with the bank to create the ineligible securities that were later deemed worthless. The authorities examined the bank and found it negligent in instituting proper policies and procedures in place for the anti-money laundering requirements of federal law.

Question(s) For Expert Witness

  • 1. Please describe your experience in bank regulation and examination, specifically with the OCC, if applicable.

Expert Witness Response E-206259

I have 35+ years of experience in financial institution supervision and compliance. I was a national bank examiner at the OCC for 30 years and an AML/CFT banking specialist for 20 years. I am also a certified financial crimes specialist, a certified fraud examiner, and a certified anti-money laundering specialist. During my career, I have reviewed the bank’s suspicious transactions identification, traced proceeds and transactions through several layers of activity, and reviewed a bank’s processes and procedures to determine root causes of AML/CFT program weaknesses.

RELATED EXPERT WITNESSES

Post Tags