Anti-Money Laundering III

The USA Patriot Act has paved the way for new and expanded economic sanctions on financial institutions. Among these sanctions include the enactment of the Anti-Money Laundering Law. Entities are now being subjected to strict global compliance requirements. Rules affecting the filing of financial reports and incorporation of policies to assure compliance with the Bank Secrecy Act have been imposed. Financial institutions operating in the United States and domestic entities that are planning on exploring investment opportunities abroad should fully understand the coverage of these sanctions to avoid possible conflict with the government and missed business opportunities.

The Knowledge Congress is assembling a panel of experts in the field of banking and finance, and key regulators from the government to discuss the factual issues that are relevant to this topic. The speakers will discuss their views and findings, which will include "Best Practices" in a two-hour teleconference.

Featured Speakers for Anti-Money Laundering III:

  Event Talking Points (click here to view more)
SEGMENT 1 :


Shaswat K. Das, Senior Sanctions Advisor - Securities Office of Foreign Assets Control,
Department of the Treasury

- OFAC/U.S. economic sanctions generally, e.g., jurisdiction, recent amendments to IEEPA
- The prohibition against “facilitation” under IEEPA, including impact on foreign subsidiary/affiliate
  operations
- Importance of OFAC Compliance Program, including focus on entity’s risk profile (size, business
  volume, customer base, and product lines)
- Introducing and Clearing Firm Responsibilities

SEGMENT 2 :


Randall Pickett, Associate Director of Product Management and Development for Compliance Solutions,Accuity

- Selecting Sanctions Lists: From OFAC to the Central Bank of Seychelles
   •  There are close to 100 different Sanctions lists, High Risk Entities lists and PEP lists available
   •  How does an AML officer select the lists appropriate to their institution?
      »  Jurisdictional factors
      »  Reputational risks
      »  Cost to benefit comparisons
   •  Working from a plan – Organizational values
   •  Setting priorities – Making best use of your resources
   •  Evaluating selection criteria – Industry Best Practices
   •  A sampling of the lists the largest financial institutions* are screening against

SEGMENT 3 :


Clay Stevenson, Vice President, Office of General Counsel Global Monetary & Financial Control Group,Merrill Lynch & Co., Inc.

- Trends in Economic Sanctions
    a) continued movement from broad-based/jurisdictional to targeted/conduct-based
    b) addition of targeted/conduct-based features to existing broad-based country programs
- OFAC's 2/14/2008 guidance on entities owned by persons whose property and interests in property
   is blocked
    a) what does it mean
    b) potential implications for client on-boarding / due diligence
- Revised IEEPA penalties

SEGMENT 4 :


Sarah D. Green, Branch Chief, Office of Compliance Inspections and Examinations,
U.S. Securities and Exchange Commission

- Structure of OCIE AML Exam Program
- Common Exam Findings
- Exam Priorities
- Enterprise-Wide AML Risk Management

SEGMENT 5 :


Barbara Keller, Assistant Director, Financial Markets and Community Investment,
U.S. Government Accountability Office (U.S. GAO)

- GAO Findings in CTRs Study
   •  Bank Secrecy Act: Increased Use of Exemption Provisions Could Reduce Currency
      Transaction Reporting While Maintaining Usefulness to Law Enforcement
- Recommendations to the Treasury Department for FinCEN
   •  Related to Compliance with Regulations
   •  Providing More Information and Guidance
- On-going Work on SARs
   •  Objectives of Ongoing GAO Work on Suspicious Activity Reporting
- On-going Work on BSA Compliance and Enforcement
   •  What are FinCEN and the other agencies’ BSA specific responsibilities?
   •  How are the other agencies implementing their BSA responsibilities including the BSA/AML
      examination manual?
   •  How is FinCEN carrying out its BSA compliance and enforcement responsibilities?

SEGMENT 6 :


John F. Walsh, Anti-Money Laundering Consulting SME,Actimize

- Effective AML implementation across the enterprise
   •  Operational and technology aspects
   •  Leveraging enterprise wide data for better AML analytics and beyond
   •  Information sharing - data privacy issues
   •  Improving efficiency by streamlining AML processes throughout the organization
- Balancing corporate policy and local regulations
   •  Challenges and solutions
   •  Centralized vs. de-centralized implementation

SEGMENT 7 :


Jamie L. Boucher, Partner,
Skadden, Arps, Slate, Meagher & Flom LLP

- Global Developments regarding AML and their consequences for US Firms
   •  Implementation of EU Third AML Directive, developments in other jurisdictions
      »  Application of AML requirements to broader range of entities than in the U.S.
      »  Requirements for timing of KYC
      »  Identification requirements for ultimate beneficial owners
   •  Challenges for Global Organizations
      »  What standards should apply to the enterprise?
      »  Data Protection issues
      »  Compliance outsourcing and vendor management
   •  Enforcement Climate

SEGMENT 8 :


Carmina Hughes, Executive Director,
Daylight Forensic & Advisory LLC

- MSBs: Challenges in Light of Sigue
   •  What are the lessons learned from Sigue?
   •  Must all MSBs do everything mentioned in the Sigue Deferred Prosecution Agreement or should
      they take a risk-based approach?
   •  Has the Sigue matter set new minimum standards for MSB BSA compliance?
   •  Does this set the bar higher for banks who hold accounts for MSBs and what can they do to
      protect themselves?


Department of the Treasury
Shaswat K. Das
Senior Sanctions Advisor - Securities
Office of Foreign Assets Control
                       speaker bio »»

Accuity
Randall Pickett
Associate Director of Product Management and Development for
Compliance Solutions
                       speaker bio »»

Merrill Lynch & Co., Inc.
Clay Stevenson
Vice President, Office of General Counsel
Global Monetary & Financial Control Group
                       speaker bio »»

U.S. Securities and Exchange Commission
Sarah D. Green
Branch Chief, Office of Compliance Inspections and Examinations
speaker bio »»

U.S. Government Accountability Office (U.S. GAO)
Barbara Keller
Assistant Director, Financial Markets and Community Investment
speaker bio »»

Actimize
John F. Walsh
Anti-Money Laundering Consulting SME
speaker bio »»

Skadden, Arps, Slate, Meagher & Flom LLP
Jamie L. Boucher
Partner
speaker bio »»

Daylight Forensic & Advisory LLC
Carmina Hughes
Executive Director
speaker bio »»

Who Should Attend?

- BSA/AML Officers
- Compliance Officers
- Bank Auditors
- Thrifts and Credit Unions
- Banking Lawyers & Consultants
- Financial Insitutions' Executives

Why Attend?

- This is a must attend event to everyone to hear and understand the latest updates, issues and
  developments concerning the Anti-Money Laundering and Economic Sanctions.
- New guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A

Registration Information

** Discounts Apply for early registration

Anti-Money Laundering III
LIVE Teleconference Speaker Firms / Agencies:


U.S. Securities and Exchange Commission


Department of the Treasury


U.S. Government Accountability Office (U.S. GAO)




Merrill Lynch


 

Event Sponsor(s):


Accuity, a SourceMedia company, is the leading provider of payment routing data, AML screening software and services that allow organizations, across multiple industries, to maximize efficiency and facilitate compliance of their transactions. Accuity’s Compliance Suite includes 100% coverage of worldwide regulatory lists, a range of enhanced due diligence caution lists and screening solutions that provide a prime defense against participation in illicit financial activities, such as money-laundering and terrorist financing. We introduced the world’s first compliance filtering engine in 1994 and since then, the suite has been continually updated to provide industry-leading solutions for global due diligence and regulatory compliance. In fact, eight of the 10 largest global banks rely on an Accuity compliance product.

If you’re not currently using Accuity, visit our Web site to register for a free trial of our Compliance Suite solutions and learn how we can help your business save time and money.

 

Mitigating transactional risk across enterprise silos, Actimize is a leading provider of software solutions for anti-money laundering, brokerage compliance and fraud prevention. Built on a patented, scalable and extensible analytics platform, Actimize solutions enable financial institutions to increase their insight into real-time customer behavior and improve risk and compliance performance. Six of the top 10 global banks and eight of the top 10 U.S. brokerages use Actimize solutions to process hundreds of millions of transactions a day. Actimize, a NICE Systems (NASDAQ: NICE) company, has offices in New York, Israel, London and Tokyo. For more information, go to www.actimize.com.

 

Media Partner:


OpRisk & Compliance is the only magazine designed specifically to help you find your way through the complex challenges that operational risk and compliance executives face every day. Whether it is identifying important regulatory initiatives for your firm, evaluating the wide variety of risks that your firm faces, or ensuring that you keep your company on the right side of the law, OpRisk & Compliance provides you with the toolkit that you need to succeed. More than that, OpRisk & Compliance helps you think strategically about key risk and compliance issues and implement solutions that focus on best practices and adding value.

For more information and to request a free trial please visit www.opriskandcompliance.com/trial