Trust Issues: How Illicit Actors Exploit Fiduciary Arrangements

Craig Timm is the Senior Director of AML at ACAMS.

Prior to joining ACAMS, Craig had more than 15 years of anti-financial crime experience across the public and private sectors. At the Department of Justice, Craig served as a Deputy Chief in the Asset Forfeiture and Money Laundering Section (now Money Laundering and Asset Recovery Section) at headquarters in Washington, DC. In that role, he led a team of prosecutors responsible for enforcing criminal violations of the Bank Secrecy Act, U.S. economic sanctions, and money laundering laws committed by financial institutions and their employees. He led the prosecution of some of the largest financial institutions in the world including HSBC and BNP Paribas. Craig began his career with the Department of Justice as an Assistant United States Attorney in Arizona. At the Department of Justice, he was the recipient of numerous awards including the Attorney General’s Crime Victim’s Restoration Award, the Assistant Attorney General’s Award for Exceptional Service, and the Immigration and Customs Enforcement Director’s Meritorious Service Award.

At Bank of America, Craig was a Financial Crimes Executive responsible for Strategic Initiatives. These initiatives included participation in the Bank Secrecy Act Advisory Group, 314(b) information sharing initiatives, and the Wolfsberg Group as well as managing the day-to-day liaison with FinCEN, the U.S. Treasury, senior financial crimes policy officials at the OCC and Federal Reserve, key law enforcement agencies, and the U.S. Department of Justice. He also spent several years as the Financial Crimes Executive for the Global Wealth and Investment Management business lines where he served as the designated Anti-Money Laundering Compliance Officer for Merrill Lynch and U.S. Trust.

Craig has an undergraduate degree from the University of Michigan and a law degree from the Northwestern University School of Law.

Young Lee is Director for Financial Transparency and Regulatory Policy in the Office of Terrorist Financing and Financial Crimes at the U.S. Department of the Treasury.  His team focuses on systemic initiatives to enhance the transparency of the domestic and international financial system, including bilateral and multilateral and multilateral engagement to promote transparency and anti-corruption initiatives; financial transparency regulatory policy under the Bank Secrecy Act (BSA) and related authorities; advancing the international standards on beneficial ownership transparency, virtual assets, and information sharing; and other efforts.

Previously, he was a Senior Policy Advisor on the team.  In that role, he represented the Department in the U.S. delegation during negotiations in 2014 and 2015 of a law enforcement information sharing agreement between the U.S. and the European Union, which entered into force in February 2017.  He has also represented Treasury at the Financial Action Task Force (FATF), the international standard-setting body for AML/CFT, and at the Middle East/North Africa and Asia/Pacific FATF-style regional bodies (MENAFATF and the Asia Pacific Group on Money Laundering (APG)), as well as in other bilateral and multilateral engagements.  From 2018-2019, he was the Treasury representative on the U.S. delegation to the G-20 Anti-Corruption Working Group.  In 2015, he served a part-time detail at the Department’s Financial Crimes Enforcement Network (FinCEN) to develop and draft the May 2016 Final Rule on Customer Due Diligence Obligations for Financial Institutions.    

Certified by the FATF to assess jurisdictions under the FATF’s international AML/CFT standards, in 2017 and 2018 he was a financial assessor for the APG mutual evaluation of Burma, which report was published in September 2018.    

Prior to joining the Treasury Department, he worked as an associate in private practice in New York City; as a law clerk to Judges Amalya L. Kearse and Susan L. Carney on the U.S. Court of Appeals for the Second Circuit; Judge Barbara S. Jones (ret.) on the U.S. District Court for the Southern District of New York; and then-Judge Ketanji B. Jackson, on the U.S. District Court for the District of Columbia.  He is a graduate of Harvard College and Columbia Law School, where he was Editor-in-Chief of the Columbia Law Review.

Jamie Schafer is a partner in Perkins Coie’s White Collar & Investigations practice representing entities and individuals in complex cross-border criminal and regulatory matters involving the Foreign Corrupt Practices Act (FCPA), anti-money laundering laws and regulations, and embargoes administered by the U.S. Department of Treasury, Office of Foreign Assets Control (OFAC), among other matters.  Jamie regularly conducts internal investigations and responds to enforcement inquiries as well as advising her clients on the design and implementation of compliance procedures and providing day-to-day compliance and transactional advice to clients across a broad range of industries and geographies.  Jamie is an ACAMS certified anti-money laundering specialist and an incoming co-chair of the ABA International Law Section’s Anti-Money Laundering Committee.