Chartwell's Dennis Lormel testifies on terrorist financing since 9/11 before the House Homeland Security Committee
Expert urges governmental cooperation, coordination, and communication with the private sector in order to deny terrorists from moving and accessing funds
WASHINGTON, May 18, 2012 - Chartwell Compliance's Dennis Lormel, former FBI Terrorist Financing Operations Chief, testified before the House Subcommittee on Counterterrorism and Intelligence about terrorist financing since 9/11.
A recognized subject matter expert on anti-money laundering, terrorist financing, and fraud, Lormel recognized after September 11 that the terrorists relied on a financial infrastructure to accomplish the attacks. He immediately established an investigative organization within the FBI that, within days, identified the funding stream. These efforts evolved into the FBI's Terrorist Financing Operations Section.
Lormel testified, "Terrorist financing is not adequately understood and extremely difficult to identify especially when funding flows are more nominal... Government should develop better feedback mechanisms to financial institutions about how terrorists use financial institutions and provide typologies that financial institutions could use for transactional monitoring."
Lormel then outlined specific steps the Government and financial services industry should take to collectively and unilaterally increase the probability of identifying terrorist financing.
Although anti-terrorism methods have evolved, Lormel said, "Terrorist financing remains the same... It is incumbent that government agencies cooperate, coordinate and communicate on both an interagency level and with the private sector in order to deny terrorists from moving and accessing funds and thereby diminishing their ability to operate."
Lormel now serves as a consultant with Chartwell Compliance, a consulting firm headquartered in Washington, DC, that provides consulting, audit, training and outsourcing services in the areas of regulatory
compliance, financial crimes and enterprise risk management.
Chartwell will present informative webinars about the ICBA’s new Compliance and Risk Management Division, which provides consulting and testing services to association members. CEO and division head Daniel Weiss and other Chartwell consultants will discuss issues and practical solutions related to community banking compliance and risk management.
Chartwell will contribute to a May 16, 2012 presentation on Anti-Bribery, Corruption and the Foreign Corrupt Practices Act at the 27th Annual Investment Adviser and Broker-Dealer Compliance Conference sponsored by Accuity and National Regulatory Services.
Bob Pasley will present for Chartwell about ‘Lessons Learned: A Candid Look at Compliance Failures’ at the Independent Community Bankers of America’s Washington Policy Summit on April 26, 2012
Dennis Lormel will be a speaker for Chartwell on April 24, 2012 at Fiserv’s Annual Client Forum, presenting “Think Like a Criminal: How to Launder Proceeds from Fraudulent Activity”