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Trump lawyer’s woes provide lesson for compliance officers

Joe Mont | May 9, 2018

In the world of compliance, every scandal can be a learning opportunity or, at the very least, a reminder not to fall into the trap of complacency.

New accusations against one of President Trump’s lawyers should prompt savvy compliance and risk officers to pursue a reinvigorated and creative strategy for Bank Secrecy Act procedures and anti-corruption efforts.

On May 8, attorney Michael Avenatti—representing Stephanie Clifford, the adult film actress known as Stormy Daniels—released a bombshell of a report  accusing Michael Cohen, a Trump confidant and attorney, of all manner of alleged financial shenanigans. Just before the election in 2016, Cohen created a limited liability corporation that paid Clifford $130,000 in exchange for her silence regarding an alleged sexual dalliance with Trump.

That payment triggered suspicions of possible bank fraud and campaign finance violations. Earlier this year, Cohen’s office, home, and hotel room were subsequently raided...

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