The CSBS and State-Level Enforcement Actions in AML

The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject more fully. Are you looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this Compliance into the Weeds episode, Tom Fox and Matt Kelly explore a significant enforcement action by the Conference of State Bank Supervisors (CSBS) against Block Inc. They discuss the CSBS’s role as a collective of state banking regulators, the reasons behind the $80 million fine imposed on Block, and the extensive compliance reforms the company must implement, including appointing an independent consultant. They consider the broader implications of state-level enforcement actions in areas like anti-money laundering and data privacy, especially in light of potential shifts in federal regulatory priorities. Matt and Tom consider how compliance professionals can adapt by bolstering transparency, forming compliance committees, and staying abreast of the evolving regulatory landscape. Key highlights: Understanding the CSBS and Block Inc. Enforcement Implications of State-Level Enforcement Comparative Enforcement Actions Challenges for Compliance Professionals Resources: Matt in Radical Compliance Tom Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices