AML Compliance and FinCEN Updates and its Implications

Why Should You Attend:

This webinar program will discuss the concepts and the current changes in the marketplace and portray the new facets of AML, discuss the current changes in the marketplace and examine areas of Politically Exposed People (PEPs) regulation that pose present and future challenges for regulated businesses. It will also provide guidance in monitoring suspicious activities and examine red flags that pose present and future challenges for regulated businesses.

In addition, the webinar will discuss the current changes in the marketplace including updates to general purpose prepaid card programs and identification of beneficiary owners. New Customer Identification Program (CIP) rules on prepaid cards came out through interagency guidance to clarify that a bank’s CIP should apply to the cardholders of general purpose prepaid cards that have the features of an account and are issued by a bank. The guidance applies to these cards even if they are sold, distributed, promoted, or marketed by third-party program managers.

Areas Covered in the Webinar:

• The key pillars of an AML regulations
• Expectations in BSA/AML programs
• How to implement an effective program
• Financial action task force and their role
• Beneficial owners
• New CIP guidelines for prepaid cards
• New faces of AML fraud
• Reporting guidelines
• Ongoing monitoring and training programs
• Examples of high risk profiles

Who Will Benefit:

• Compliance Managers and Officers
• Risk Managers and Officers
• Controllers
• Presidents / Vice Presidents
• Managers / Supervisors
• Independent Sales Organizations
• CFOs and Presidents of Payment Service Providers

Armen Khachadourian
President and Founder, Digital Payments LLC

Armen Khachadourian is the founder and president of Digital Payments Inc., a consulting firm providing advisory services in the areas of merchant processing, ISO/MSP formation, development of best practices, BSA/AML guidelines, merchant portfolio and acquiring acquisitions, prepaid and alternative payment products including decoupled debit. As a trusted partner with vision to understand his client’s future business he has helped design and evaluate new products and services in today's changing marketplace.

Mr. Khachadourian has also served in executive positions at several top ten financial institutions and helped them maximize growth and revenues in today’s challenging electronic payments marketplace. As a vice president of JPMorgan Chase’s Prepaid Product in Treasury Services he was responsible for designing and launching prepaid cards in the EU market. As a senior vice president at Visa USA, he expanded card acceptance to new markets such as supermarkets, recurring payments, quick service restaurants and federal government agencies. His expertise in card products extends to issuance of credit, debit, prepaid and commercial cards. He is also an experienced manager of technology solutions including development of best practices, network policy, third-party processor contract negotiation and problem resolution.

Mr. Khachadourian earned a Bachelor of Arts degree in mathematics and a Master of Science degree in computer science from the San Jose State University in California. He authored the “Basics of Data Communications” textbook and lectured at College of San Mateo, CA. He was awarded an honorary teaching credential from State of California. He is a member of the United States National Masters team and has represented United States at four world championships.

Topic Background:

In brief, anyone who wants to open an account will undergo the same due diligence as a client opening a regular bank account. Identification processes will include scrutiny of beneficial owners, monitoring and looking for complex, unusually large transactions and set thresholds for transaction limits if required, creating risk profiles for all customers, based on low, medium and high categories and using information derived from their identity, social/ financial status, nature of business activity, information about each clients’ business and their location.

In accordance with regulatory obligations, there are strict procedures in place to minimize the risk that could be used for money laundering purposes including:

• Essential concepts of an effective risk assessment
• Proper identification of your clients and vendors
• Recognizing red flags
• Monitoring and reporting suspicious transactions
• Guidelines in maintaining records
• Training staff to recognize suspicious transactions and reporting obligations
• Internal and external audit requirements

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