AML/BSA Overview, Compliance, and Current Issues, including new CDD Requirements

Why Should You Attend:

Money laundering continues to be a national concern. High levels of drug-related activity and violence have drawn additional attention. Terrorist activities need to be considered as well. Perpetrators have adapted to banks’ efforts so banks cannot combat the money laundering with yesterday’s methods. Software is widely installed to identify specific patterns and “unusual” transactions. But the fraudsters know this and are constantly striving to create new patterns where their transactions are designed not to be flagged. Like in a game of chess, the advantage goes to the side that thinks the most moves ahead.

FinCEN has issued substantial new AML requirements focused on a major expansion of Know Your Customer into what is now Customer Due Diligence, CDD. It goes far beyond knowledge of the Customer Legal Entity to the Beneficial Owner of that entity and its Controlling Persons. It is focused beyond the initial customer acceptance step, requiring updating and ongoing monitoring against baseline “normal” activity for the customer type.

Attend this webinar to understand How to Comply with regulatory requirements, What Designing controls to put in place and improvement, how to Detecting money laundering attempts, how to investigate after an AML alert, what new strategies are now adopted by Monday launderers and what process to adopt to understand new strategies.

Learning Objectives:

This webinar will provide valuable assistance to all personnel with AML responsibilities in banks or other financial institutions:

• Compliance with regulatory requirements
• Specifically, new compliance requirements related to Customer Due Diligence
• Designing controls and compliance
• Detecting money laundering attempts
• Managing the Investigating of AML alerts
• Analyzing controls improvement options
• Understanding money launderers’ strategies and techniques

Areas Covered in the Webinar:

• Requirements of the Bank Secrecy Act (and related areas of the USA PATRIOT Act)
• Customer Due Diligence (CDD) in depth , as it is the newest regs.
• Know Your Customer (KYC) requirements
• Currency Transaction Reports (CTRs) requirements
• Suspicious Activity Reports (SARs) requirements
• New Customer Due Diligence requirements
• Steps are specifically required by the regulations
• Analytic engines
• Current issues and problems
• AML and Fraud overlaps
• Adaptation by perpetrators
• False Positive Problem
• Money Laundering Strategies and Techniques

Who Will Benefit:

Professionals in Banking, Credit Unions, Financial Services Companies, and Compliance and AML areas.

• VPs
• Managers
• Directors
• Supervisor Levels

Jim George
Independent consultant, George Consulting LLC

Jim George is an independent consultant to banks focusing on issues of fraud. He has over 25 years’ experience as a consultant to major banks in associate partner and principal roles at PriceWaterhouse-Coopers Consulting, IBM Consulting in Bank Risk and Compliance, and Andersen Consulting (now Accenture). He has also been SVP Operations for a Fortis-US division providing outsourcing services to the banking industry.

His work includes projects in fraud investigation, fraud prevention, identity issues, compliance, and AML (anti-money laundering). Mr. George’s background also includes work in bank operations and payments strategy, reengineering, systems, and quality improvement.

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