Dawn of A New Era
Roundtable: What does collaboration in AML Risk Management look like?
The introduction of the US AML Act 2020 has meant organizations must adapt to prepare for the sweeping changes across the regulatory landscape. With such impactful AML legislation, this roundtable brings together experts in this field to discuss and collaborate on what AML Risk Management will look like.
Join the roundtable, hosted by Sullivan & Cromwell’s Beth Davy (Partner) and Pega’s Marc Andrews (VP of Financial Services and Insurance), to discuss topics such as:
- Shift towards a risk-based approach to AML/KYC compliance
- Need for a more holistic customer risk view
- Requirement for more automated, auditable processes
- Modernization through technology
- Expanding enforcement- and investigation-related authority
- Increased beneficial ownership disclosure
- Coordination and information-sharing among industry parties
- How to remain nimble for the changes ahead
Beth Davy is a partner in the Financial Services and Financial Services Litigation and Investigations Groups and is co-head of the Economic Sanctions and Financial Crime Group. Her practice focuses on bank regulation and supervision, regulatory enforcement matters and internal investigations.
Ms. Davy is widely recognized as a leading expert in the areas of anti-money laundering (AML) and economic sanctions compliance and enforcement. She has represented numerous financial institutions in high profile global investigations involving multiple U.S. government agencies, as well as public and non-public regulatory enforcement matters. Chambers USA notes that Ms. Davy is “praised for her extensive experience of enforcement actions and internal investigations” and that their sources “call her ‘a fantastic lawyer,’” adding that she is “excellent on execution and strategy.”
Ms. Davy represents various financial institutions in the formation of industry utilities to enhance AML compliance. She has also worked with trade associations and industry representatives on establishment of industry standards and guidelines in the AML and sanctions compliance area and in the evolution of heightened transparency in the international payments system. She is a frequent speaker on issues relating to AML and economic sanctions.
Sharon Cohen Levin
Sharon Cohen Levin is a partner in the Firm’s Litigation Group and a member of its Criminal Defense and Investigations Group. She is a leading expert in anti-money laundering (AML), Bank Secrecy Act, economic sanctions and asset forfeiture matters. She represents a diverse group of clients, including financial institutions, multinational companies, and individuals in connection with criminal, regulatory, and civil enforcement actions.
Her practice focuses on white collar and regulatory enforcement defense, internal investigations, and compliance counseling.
Sharon also represents collectors, dealers, non-profit organizations, universities, financial institutions, galleries and auction houses on a variety of matters related to the art market, including issues of ownership, theft, fraud, authenticity and breach of contract, as well as in criminal investigations and asset forfeiture proceedings. She has represented individuals, families, and governments with respect to the recovery of stolen art and cultural property, and has represented collectors in responding to claims by cultural ministries and foreign governments.
Sharon is a former federal prosecutor and led the Money Laundering and Asset Forfeiture Unit in the U.S. Attorney’s Office for the Southern District of New York for two decades. Under her leadership, the SDNY was responsible for nearly 60% of all forfeitures in the United States, with most of the proceeds remitted to victims of crimes. Her track record of success inspired Forbes to call her “The Babe Ruth of Forfeiture.”
She led multiple significant prosecutions under the AML, economic sanctions and asset forfeiture laws, working hand in hand with federal and state banking regulators, the Office of Foreign Asset Control, and other investigative and regulatory authorities. Sharon was the lead prosecutor responsible for securing a settlement in the watershed “Portrait of Wally” forfeiture case, which centered on an oil painting stolen by Nazis from a Jewish woman in 1938—a story that was later made into a documentary.
As an internationally renowned leader in her field, Sharon has provided training to U.S. and foreign governments and served on numerous occasions as a keynote speaker, panelist or lecturer at events related to money laundering, asset forfeiture, AML compliance, terrorist financing, and other related topics.
Shari D. Leventhal
Shari D. Leventhal is a member of the Firm’s Financial Services Group. Ms. Leventhal focuses her practice on regulatory enforcement matters, complex litigation, and external and internal investigations. She has substantial investigative and trial experience in matters involving economic sanctions, financial fraud, cross-border payments, cybersecurity, money laundering, and the FCPA.
Prior to joining Sullivan & Cromwell, Ms. Leventhal spent 18 years with the Federal Reserve Bank of New York’s Legal Group where she most recently served as the Deputy General Counsel and Senior Vice President responsible for the Enforcement, Litigation, and Investigations Division. In that role, she supervised a team of over 20 attorneys and investigators and represented the New York Fed in many complex enforcement and litigation matters. Ms. Leventhal was involved in numerous multi-agency, cross-border enforcement investigations and resolutions relating to violations of OFAC sanctions and the Bank Secrecy Act, money laundering, consumer compliance, the FX market, LIBOR, and balance sheet manipulation.
From 1992-1998, Ms. Leventhal served as an Assistant United States Attorney with the United States Attorney’s Office for the Eastern District of New York.
Ms. Leventhal regularly lectures on bank regulation and enforcement, money laundering issues, financial crimes, cross-border payments, investigative techniques, and related matters to audiences from the American Banking Association, the U.S. Treasury Department, the Department of Defense, the Department of Justice, the Federal Reserve System, foreign central banks, trade associations, and international monetary authorities.
Ms. Leventhal is a member of the American Bar Association’s National White Collar Crime Section, the Eastern District Association, and the Federal Bar Council.
Matthew J. Browne
Matt Browne is an associate in the Firm’s Financial Services Group.
As a member of the Economic Sanctions and Financial Crime Team and the Criminal Defense and Investigations Group, Matt has worked on cross-border investigations involving allegations of money laundering and sanctions violations by multiple U.S. authorities, including DOJ, the Federal Reserve, the New York State Department of Financial Services and OFAC. Through these representations, Matt has assisted clients in reviewing historical activity to determine compliance with AML and sanctions law, including by partnering with forensic consultants and other stakeholders.
Based on his AML and sanctions experience, Matt advises clients on innovative approaches to AML, remediation of AML and sanctions compliance programs and voluntary disclosures to OFAC. As a member of the Financial Services Group, Matt also advises on other regulatory matters, including bank regulatory and financial privacy issues.
Marc Andrews is the VP of Financial Services and Insurance, responsible for Pega’s strategy and solutions in these industries globally. He has spent over 25 years working with a broad range of financial services and insurance organizations across North America, Europe and Asia to drive process improvement, increased customer insight, better customer experiences and streamlined regulatory compliance. Prior to joining Pega, he helped lead the creation of the Watson Financial Services organization within IBM where he was responsible for the design, development and delivery of solutions that leverage artificial intelligence to help companies better identify and manage payment fraud and financial crime, while improving the efficiency and effectiveness of addressing related claims management, alert triage and compliance requirements.