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Anti-Money Laundering 2020: Risks, Due Diligence and Compliance in an Evolving Legal World

Speaker(s): Eytan Fisch, Mary Beth Buchanan, Mitria Wilson, Nia Duggins, Peter Hardy, Priya Roy, Stephanie Brooker, Woo Lee
Recorded on: May. 12, 2020
PLI Program #: 277002

Eytan J. Fisch's practice focuses on economic sanctions, anti-money laundering, and general compliance and regulatory matters.

Mr. Fisch joined Skadden after nearly six years with the U.S. Department of the Treasury, where he held a variety of senior positions. Most recently, from 2013 to 2015, he served as the assistant director for policy in the Office of Foreign Assets Control (OFAC). In this role, he managed OFAC’s policy office and worked directly with the OFAC director and the undersecretary for terrorism and financial intelligence on the planning, development and implementation of U.S. economic sanctions.

Mr. Fisch played a leading role in shaping the development of new executive orders, OFAC regulations, general licenses and policy guidance across U.S. sanctions programs. He also worked closely with other governments on multilateral economic sanctions. Between October 2013 and January 2015, Mr. Fisch represented the Treasury Department on the U.S. delegation to the P5 + 1 negotiations with Iran. In 2010, he also served as a member of the U.S. team that negotiated the Terrorist Finance Tracking Program agreement with the European Union.

Prior to his role as OFAC assistant director for policy, Mr. Fisch served in several leadership positions in OFAC and other offices in the Treasury Department’s Office of Terrorism and Financial Intelligence. Among these positions, he served as senior adviser to Stuart A. Levey — the Treasury’s first undersecretary for terrorism and financial intelligence — and as assistant director in the Office of Terrorist Financing and Financial Crimes. In those roles, he worked extensively with OFAC and the Financial Crimes Enforcement Network on a range of matters, including financial sanctions, anti-money laundering and counter-terrorist financing. Mr. Fisch received the U.S. Department of the Treasury Secretary’s Meritorious Service Award in 2015.

Before joining the Treasury Department, Mr. Fisch practiced law at other firms in New York and Washington, D.C. He received a 2019 Burton Award for Distinguished Legal Writing.

Mary Beth is the Chief Legal Officer at Bitstamp and is responsible for leading all legal, regulatory and government affairs efforts as well as certain compliance functions. Mary Beth has previously held prominent leadership positions in the United States government, the cryptocurrency industry and at leading law firms.

Prior to joining Bitstamp, Mary Beth was the General Counsel at Kraken, and a partner at Bryan Cave Leighton Paisner, where she led the firm’s digital currency team, and represented clients in white collar, government investigations and securities litigation matters. 

Mary Beth also served as the United Nation’s first Ethics and Reputational Risk Officer; United States Attorney for the Western District of Pennsylvania, and in numerous senior leadership
roles at the United States Department of Justice.

Mitria Wilson is a principal at Strategy Hue Consulting. She previously served as Sr. Director of Advocacy and Counsel at Credit Union National Association, Senior Counsel on the House Financial Services Committee for the Honorable Maxine Waters, Vice President of Federal Policy and Senior Counsel at the Center for Responsible Lending, and Director of Legislative and Policy Advocacy at the National Community Reinvestment Coalition. A noted expert in consumer protection, access to credit and capital, housing finance, and oversight of financial institutions, Mitria and her work have appeared on MSNBC, Bloomberg News, NPR, C-SPAN and a number of journals and publications.

Nia Duggins is a policy and legal professional.  She currently works as a Policy Representative at the National Association of REALTORS® (NAR), as part of the Federal Policy and Industry Relations Team.  In this role, Nia works to advocate on behalf of NAR’s 1.4 million members, by monitoring and tracking federal legislative and regulatory matters impacting business operations for REALTORS® including: anti-money laundering and terrorism financing matters; Real Estate Settlement Procedures Act (RESPA) matters; wire, title, and other related types of fraud; TILA-RESPA Integrated Disclosure matters; and worker classification matters impacting independent contractors. Prior to joining NAR, Nia worked as the Compliance Officer for a D.C. based, non-profit organization for foster youth, and her experience also includes working in the U.S. Senate. Nia is a graduate of the University of Maryland Francis King Carey School of Law, and Bennett College.

Peter Hardy is a Partner in the White Collar Defense/Internal Investigations Practice Group of the law firm of Ballard Spahr LLP, in Philadelphia, PA.  He is a co-leader of Ballard Spahr’s Anti-Money Laundering Team, and he edits and is a frequent contributor to Ballard Spahr's financial corruption blog, Money Laundering Watch.  Peter is the author of a legal treatise entitled Criminal Tax, Money Laundering, and Bank Secrecy Act Litigation (Bloomberg BNA 2010).  Peter also serves on the Steering Committee of the Cambridge Forum on Sanctions & AML Compliance.

Before entering private practice, Peter served for a combined 11 years as an Assistant United States Attorney for the U.S. Attorney’s Office in Philadelphia, and previously as a Trial Attorney in the Criminal Section for the Department of Justice’s Tax Division in Washington, D.C.  Peter graduated from the University of Michigan Law School and served as a law clerk for federal judges in the Eastern District of Michigan and the Court of Appeals for the Sixth Circuit.

Priya Roy is a member of the firm’s White Collar Defense/Internal Investigations, Securities

Enforcement and Corporate Governance Litigation, and Anti-Money Laundering Practice Groups. Priya represents clients facing allegations of financial fraud or involved in criminal, regulatory, or administrative government investigations, including investigations conducted by the Department of Justice, Securities and Exchange Commission, and Internal Revenue Service.

Priya also routinely counsels clients, including financial institutions, mortgage lenders, and real estate practitioners on matters implicating their programs under the Bank Secrecy Act (BSA) and related Anti-Money Laundering (AML) regulations, including programmatic compliance advice, regulatory investigations and examination support, and related civil litigation.

Priya also focuses on complex civil practice arising from allegations of securities and tax fraud, violations of the False Claims Act and Anti-Kickback Statute, violations of the Food, Drug and Cosmetics Act, and other fraud and regulatory offenses. Priya also regularly assists in securities enforcement and corporate governance litigation practice in state and federal courts. She has also represented institutional clients in actions arising under the securities laws and involving fraud and breaches of fiduciary duties in arbitrations before FINRA arbitration panels. Priya is a frequent contributor to Money Laundering Watch, Ballard Spahr's blog focused exclusively on money laundering issues.

After law school, Priya clerked for Judges Robert S. Ballou and Michael F. Urbanski of the U.S. District Court for the Western District of Virginia.

Priya is a Board Member of the Community College of Philadelphia – Foundation.

Stephanie L. Brooker, former Director of the Enforcement Division at the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) and a former federal prosecutor, is a partner in the Washington, D.C. office of Gibson, Dunn & Crutcher.   She is Co-Chair of the Financial Institutions Practice Group and a member of White Collar Defense and Investigations Practice Group.  As a prosecutor, Ms. Brooker tried 32 criminal trials, investigated a broad range of white collar and other federal criminal matters, briefed and argued criminal appeals, and served as the Chief of the Asset Forfeiture and Money Laundering Section in the U.S. Attorney’s Office for the District of Columbia.  Ms. Brooker has been named a National Law Journal White Collar Trailblazer and a Global Investigations Review Top 100 Women in Investigations.

Ms. Brooker’s practice focuses on internal investigations, regulatory enforcement defense, white-collar criminal defense, and compliance counseling. She handles a wide range of white collar matters, including representing financial institutions, multi-national companies, and individuals in connection with criminal, regulatory, and civil enforcement actions involving sanctions, anti-corruption, anti-money laundering (AML)/Bank Secrecy Act (BSA), securities, tax, and wire fraud, “me-too” matters, employment matters, and other legal issues. Ms. Brooker’s practice also includes BSA/AML and FCPA compliance counseling and deal due diligence and significant criminal and civil asset forfeiture matters.

Ms. Brooker’s investigations matters routinely involve multiple government agencies, including the Department of Justice (DOJ), Securities and Exchange Commission (SEC), Federal Reserve Board (FRB), Office of Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), Office of Foreign Assets Control (OFAC), New York Department of Financial Services (NYDFS), Financial Industry Regulatory Authority (FINRA), state banking agencies and gaming regulators, and foreign regulators.

Before joining Gibson Dunn in April 2016, Ms. Brooker served as the first Director of FinCEN’s Enforcement Division, which is the lead federal regulator with responsibility for enforcing the U.S. AML laws and regulations. In this role, she oversaw all of FinCEN’s domestic and foreign enforcement and compliance under the BSA, such as civil money penalty actions and injunctions against a wide range of financial institutions, including banks, credit unions, money services businesses, cryptocurrency entities, casinos, broker-dealers, futures, insurance, and dealers in precious metals, stones and jewels. She also oversaw rulemaking actions under Section 311 of the PATRIOT Act against foreign institutions and jurisdictions, Geographic Targeting Orders, and examination and enforcement actions against cryptocurrency companies following FinCEN’s 2013 cryptocurrency guidance.  As Enforcement Director, Ms. Brooker also oversaw for the agency litigation of contested enforcement actions, including several cases of first impression in federal court handled by the Department of Justice (DOJ) on behalf of the agency. She also oversaw examinations of regulated financial institutions and development of compliance strategies. Prior to serving as Enforcement Director, Ms. Brooker served as Chief of Staff and Senior Advisor to the Director of FinCEN.

Ms. Brooker clerked for Judge Diana Gribbon Motz of the U.S. Court of Appeals for the Fourth Circuit and for Judge James Robertson of the U.S. District Court for the District of Columbia. She also worked in private practice as an appellate litigation associate at an international law firm. She graduated magna cum laude in 2001 from Georgetown University Law Center, where she served as Managing Editor of Georgetown Law Journal and was elected to the Order of the Coif. She graduated with highest distinction from Northwestern University with a B.S. in Journalism in 1996. She was also selected as a Harry S. Truman Scholar.

Woo S. Lee is the Deputy Chief of the U.S. Department of Justice’s Money Laundering and Asset Recovery Section’s International Unit (MLARS) in the Criminal Division.  Lee supervises prosecutors in the Department of Justice’s Kleptocracy Asset Recovery Initiative, which prosecutes and investigates individuals and entities who seek to launder foreign corruption proceeds in or through the United States.  As a part of the Kleptocracy Initiative, Lee prosecuted a number of actions targeting international money laundering networks and schemes in the United States, including the Department’s action to forfeit and recover over $1 billion in assets allegedly traceable to funds misappropriated from 1 Malaysia Development Berhad (1MDB), a Malaysian state-owned institution; California real estate acquired by Teodoro Obiang, the Vice President of Equatorial Guinea; and funds traceable to real estate sold in Orange County, California by family members of former South Korean president Chun Doo-hwan. Prior to joining the Department of Justice in 2011, Lee served as a senior counsel with the U.S. Securities and Exchange Commission and a law clerk for two federal judges in California. He graduated with first class honours in law from Oxford University and obtained a JD from Harvard Law School. Lee holds a bachelor’s in history and political science from Brown University.