The 12th annual FIBA anti-money laundering compliance conference was held in Miami last week. Speakers and participants discussed the federal government’s increased enforcement of U.S. trade sanctions and tax laws — and the pressure and regulatory risks it has placed on U.S. banks to detect and expose money laundering.
Recent U.S. efforts to limit trade with the government of Iran is of particular concern to the banking and financial services industry in South Florida because some South American countries have a close trading relationship with Iran, Gunster shareholder and current chair of the Florida International Bankers Association Clemente Vazquez-Bello told the Daily Business Review.
Gunster shareholder Andres A. Fernandez was also quoted in the Daily Business Review:
“[The federal Office of Foreign Assets Control] compliance has been and will continue to be one of the most significant challenges for banks today.”
Read more about last week’s anti-money laundering FIBA conference:
- Onus put on banks to detect money laundering, published in the Daily Business Review (2/29/12)
- Financial crime a priority for banks, published in The Miami Herald (2/24/12)
- Banca internacional debate en Miami medidas para prevenir lavado de dinero, published in the el Nuevo Herald (2/22/12)
- Clemente Vazquez-Bello: They want to have accounts in the U.S., published in Cuentas Claras Digital (2/24/12)
Contact Gunster attorneys Clemente L. Vazquez-Bello, Andres A. Fernandez.
