On Saturday, April 4, 2020, Jim Rieniets stands in a conference room at Nashville-based Insbank and looks at a video camera.
Pub. 11 2021 Issue 1
When we think of the work done by anti-fraud and AML teams, we automatically view it from the bank’s perspective. We know that bad actors are trying to commit fraud and launder money through the financial industry, and we take steps to stop it. We think in terms of how much it costs to keep the bad guys out.
On Jan. 1, 2021, the Senate voted to override President Trump’s veto on the National Defense Authorization Act (NDAA or Act). It was previously overridden by the House back on Dec. 28, 2020. The NDAA included over 200 pages of significant reforms to the Bank Secrecy Act (BSA) and other anti-money laundering (AML) laws, putting forth the most comprehensive set of BSA/AML reforms since the USA PATRIOT Act of 2001. The continuing question is, what are the implications of this Act? How will this impact not only financial institutions but also U.S. companies and companies doing business in the United States at large?
As we look back on what was a truly historic year, it bears noting at the outset that the disruption and suffering that so many people experienced in 2020 can hardly be overstated. The loss of life, human connection, jobs and economic opportunities was unlike anything we have seen in modern times. We should never lose sight of the human impact of this pandemic and, as we look forward to hopefully better days in 2021, we must remain mindful of the devastating effects of COVID-19 on so many people’s lives.
In the aftermath of the tragic killing of George Floyd in Minneapolis, a racial justice movement has commanded society’s full attention. I know I’m not alone in feeling like these events made me forget that the world was and is still facing a global pandemic. Being geographically based in Minneapolis also undoubtedly affected how these events were hitting me personally and professionally. I’ve asked myself, “What’s next?” and “How will I be a positive vehicle for change?”