Fostering Financial Integrity -- The Role of Regulators, Industry, and Educators
Remarks by
Martin J. Gruenberg
Chairman
Federal Deposit Insurance Corporation
Case Western Reserve University School of Law
Financial Integrity Institute
New York, New York
March 23, 2017
Remarks by
Martin J. Gruenberg
Chairman
Federal Deposit Insurance Corporation
Case Western Reserve University School of Law
Financial Integrity Institute
New York, New York
March 23, 2017
1
Thank you, Professor Gordon and Deans Berg and Scharf, for inviting me to join you
tonight. As an alumnus of the Case Western Reserve School of Law, I am honored to be here at
the launch of the Financial Integrity Institute. I welcome the opportunity to discuss how the
institute could help our nation’s efforts to combat financial fraud, money laundering, and the
financing of terrorism.
These crimes pose a critical challenge to the integrity of our financial system and the
public’s confidence in that system. They threaten the security of the system and, indeed, our
national security more broadly. Identifying and reporting suspicious financial transactions, both
here in the United States and abroad, are high priorities of financial regulators, law enforcement,
and our national security agencies. They are essential to law enforcement’s ability to fight drug
trafficking, organized criminal activity, and, international terrorism.
While financial institutions ultimately are responsible for ensuring that their policies and
activities are in keeping with applicable laws, regulatory agencies are charged with assessing
compliance.
For both financial institutions and regulators, having people trained in these areas is
critically important. The Financial Integrity Institute is offering a highly specialized degree that
focuses on financial crime and is tailored for anti-money laundering (AML) professionals in both
the private and public sectors. As far as I am aware, this is the first program of its kind. I
commend the Law School for its initiative and leadership in this area and hope it serves as a
model for the development of similar programs.
I would like to use my time this evening to talk about the issue of financial integrity from
the perspective of a regulator. In particular, I will discuss the historical context for the laws
Thank you, Professor Gordon and Deans Berg and Scharf, for inviting me to join you
tonight. As an alumnus of the Case Western Reserve School of Law, I am honored to be here at
the launch of the Financial Integrity Institute. I welcome the opportunity to discuss how the
institute could help our nation’s efforts to combat financial fraud, money laundering, and the
financing of terrorism.
These crimes pose a critical challenge to the integrity of our financial system and the
public’s confidence in that system. They threaten the security of the system and, indeed, our
national security more broadly. Identifying and reporting suspicious financial transactions, both
here in the United States and abroad, are high priorities of financial regulators, law enforcement,
and our national security agencies. They are essential to law enforcement’s ability to fight drug
trafficking, organized criminal activity, and, international terrorism.
While financial institutions ultimately are responsible for ensuring that their policies and
activities are in keeping with applicable laws, regulatory agencies are charged with assessing
compliance.
For both financial institutions and regulators, having people trained in these areas is
critically important. The Financial Integrity Institute is offering a highly specialized degree that
focuses on financial crime and is tailored for anti-money laundering (AML) professionals in both
the private and public sectors. As far as I am aware, this is the first program of its kind. I
commend the Law School for its initiative and leadership in this area and hope it serves as a
model for the development of similar programs.
I would like to use my time this evening to talk about the issue of financial integrity from
the perspective of a regulator. In particular, I will discuss the historical context for the laws