In a new Legal Executive Institute podcast, we’re featuring a conversation about financial crime investigations in financial institutions and how to enhance those investigations with real-time data.
Gina Jurva, attorney and manager of the Risk & Compliance Platform at Thomson Reuters Legal Executive Institute, speaks to Rick Wells, Director of Global Financial Crimes Compliance at Bank of America. In that role, Wells is responsible for financial crimes investigations, focusing on anti-money laundering (AML) for Bank of America’s customers.
The conversation covers how financial institutions are using real-time data capabilities to better gather information needed about their clients, beneficial owners and related entities in order to comply with federal regulations on Know Your Customer (KYC) and Beneficial Ownership rules, especially when on-boarding new clients.
Indeed, compliance and financial crime officers within financial institutions are considered the gatekeepers of the financial system and have an obligation when it comes to fighting financial crimes, and it is vital that they have all the tools necessary to combat financial crime.