John Podvin Joins ACAMS Board
Anti-Money Laundering Group Opens in Dallas
Dallas Business Journal
A trade group dedicated to fighting money laundering has opened a North Texas chapter, its 14th worldwide.
The Association of Certified Anti-Money Laundering Specialists, or ACAMS, chose the Dallas-Fort Worth area because it is a large money center, which makes it a target of traffickers in narcotics, arms and even humans, said officials of the group, which is made up of private and government interests.
Federal officials said a goal of the D-FW chapter is to enlist the private sector in the fight against money laundering.
Legal penalties for failing to comply with anti-money laundering and terrorism-financing laws can be criminal or civil, with civil penalties sometimes in the millions of dollars, said John Podvin, of counsel in the Dallas office of Haynes and Boone. Podvin, a board member for the North Texas ACAMS chapter, added that individuals and businesses can face liability for money laundering violations.
“Banks, broker-dealers, insurance companies, money-services businesses, casinos and the jewelry industry — they’re all subject to anti-money laundering laws,” he said.
Excerpted from Dallas Business Journal. To view full article, click here.