Michael Wegh

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 eight (8) 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

• Assisted a large, global financial institution with the transformation of its global financial crimes audit function. This work included but was not limited to: designing and serving as the primary Point of Contact (PoC) for the third-line risk assessment, which was utilized to determine audit frequency; leading trainings related specific AML subject matter; and performing quality assurance of the completed deliverables.
• 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.
• 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 the US lead for an OFAC gap analysis that was performed for a large, international bank. The project focused on recommendations and enhancements needed to bring the Bank up to regulatory standards and expectations across its sanctions functions.
• Developed and delivered multiple documents, including the AML/sanctions policies and procedures for a travel company applying for a money transmitter license.
• Assisted with the enhancement of financial crimes-related board reporting materials for a stablecoin issuer.