Background
Michael Wegh is a Director in the New York Office of KPMG’s U.S. Financial Crimes and Analytics practice (FC&A) and a graduate of Fordham Law School. Prior to joining KPMG in 2013, Michael completed relevant coursework in the Banking and Compliance Field. Michael has over 10 years of experience providing BSA/AML and OFAC compliance services to the financial services industry and as indicated below, has led numerous AML and sanctions projects, covering multiple financial crimes areas.
Representative experience
—Working alongside a KPMG member firm, led a review of a foreign financial institution’s sanctions compliance program against OFAC requirements and expectations. The review included the client’s sanctions risk assessment, transaction screening, customer screening, governance and oversight, and post-transactional due diligence. This review resulted in over 170 recommendations/enhancements to the client’s sanctions compliance program, resulting in a program that largely abided by OFAC expectations.
—Acted as the lead and primary Subject Matter Professional (SMP) for the design and effectiveness validation of a global Sanctions Risk Assessment for a large, multinational bank. The validation focused on remedial actions taken by the Bank in response to criticisms from its regulator of the risk assessment methodology, report and governance processes.
—Reviewed sanctions policies, procedures and controls to provide feedback and recommendations in alignment with OFAC expectations and relevant guidance.
—Delivered multiple financial crimes related trainings, inclusive of AML, OFAC Sanctions and Anti-Bribery and Corruption (ABC) to various financial institutions and companies.
—Assisted and served as a lead SMP for several AML/Sanctions-related audits of a large, global financial institution. This included participating in stakeholder interviews, conducting design assessments and detailed effectiveness testing, and contributing to the rankings of findings/issues, in accordance with the client’s internal audit methodology. Led an internal audit program’s ongoing monitoring efforts for its global audit function. Provided subject matter perspective as part of developing the strategy, delivered relevant trainings, and produced quarterly memos as part of the ongoing monitoring work.
—Served as lead for the development of a financial crimes compliance metrics dashboard for senior management, inclusive of OFAC-related metrics.
