Since the promulgation of the US Patriot Act, the extent of US economic sanctions have been expanded by the implementation of the AML Law. Current requirements and regulations bolstered existing compliance obligations, and imposed new ones on previously unregulated industries. Financial institutions have been required to update their policies and procedures to adapt to the new regulations. Strict compliance must be observed otherwise, the danger of non-compliance could be tremendous.
The Knowledge Congress is producing a follow up to its highly successful webinar held in May. To help enlighten the public, a panel of distinguished professionals and key regulators will present their expert opinions in a two-hour webinar.
Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Conference
Recommended CLE/CPE Hours: 1.75 - 2.0
(Please note, your State Bar or Accounting Board will make the final determination with respect
to continuing education credit. If you are applying for CLE credit in Texas you must register 20 days before the event date.)
Advance Preparation: Print and review course materials
Course Code: 083810
Sarah D. Green
Branch Chief, Office of Compliance Inspections and Examinations
Bob Rosen
Risk & Compliance Specialist
Connie J. Fenchel, CAMS
President
Michael Zeldin
Principal, Forensic & Dispute Services Practice, Global Leader, Anti-Money Laundering/Trade Sanctions Practice
Sarah D. Green, Branch Chief, Office of Compliance Inspections and Examinations, U.S. Securities and Exchange Commission
- FY2008 Exam Statistics
- Common Exam Deficiencies
- Spotlight on Recent SEC/FINRA Enforcement Actions, incl: E-Trade, Ferris, Baker Watts, Newbridge, Cambria, possibly others.
SEGMENT 2:
Bob Rosen, Risk & Compliance Specialist, Dow Jones
- How to maintain the efficiency of your compliance department by breaking up projects into manageable segments and tackling these in order of priority.SEGMENT 3:
Connie J. Fenchel, CAMS , President, AML Experts, Inc.
- Discussion of recent monetary penalties assessed and Cease and Desist Orders imposed by FinCEN or federal and state financial institution regulators for deficiencies
in BSA/AML programs. The cases will include the name and asset size (when known) of the organization penalized, stated penalty amount, agencies involved, and key
shortcomings noted in the organization's AML or BSA compliance program.
- Penalties against selected individuals and non-bank organizations will be included to help illustrate the breadth of the term "financial institution" in federal
anti-money laundering law and Treasury regulations, and the fact that individuals may be accountable, as well. These entries may also prove helpful as
bankers try to "drive home" the need for compliance with MSB customers and others.
SEGMENT 4:
Michael Zeldin, Principal, Forensic & Dispute Services Practice, Global Leader, Anti-Money Laundering/Trade Sanctions Practicet, Deloitte Financial Advisory Services LLP
1. Enhancing your AML program to help mitigate regulatory and reputational risks – Core elements that financial institutions must build into their AML
program that address the full lifecycle of AML compliance.
2. Importance of a risk based approach to AML compliance and “knowing your customer” – The BSA requirements for financial institutions to determine overall
risk within their organization and the practical methodologies to evaluate risk factors.
3. Key issues in detecting and reporting suspicious activity – Assessing the effectiveness of an AML monitoring program and the processes and metrics that
should be developed for the suspicious activity review process. The discussion will also incorporate requirements for an effective
AML transaction monitoring system.
4. Key issues for sanctions screening – Sanctions screening areas within a financial institution, applicable lists and their sources and the filtering process.
The presentation will also involve a thorough examination the alert management process.
5. Considerations for a Financial Intelligence Unit – Effective approach to addressing the mission and operational aspects of an FIU including leading practices
in organizational design.
- AML/BSA Compliance Officer
- Money Laundering Reporting Officers
- Risk Management Officers
- Bank and Financial Institutions Auditors
- Banking Lawyers & Consultants
- Bank Auditors
- Thrifts and Credit Unions
- CPAs
- Fraud Monitoring Officers
- General Counsels
This is a must attend event to everyone to hear the up-to-the minute updates, issues and developments concerning the Anti-Money Laundering.
- New guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A