Anti-Money Laundering III for Financial Institutions:
New Developments, Economic Sanctions and Global Compliance Requirements LIVE
Teleconference
** See information below to register in this event **
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 event will take place on May 14, 2008, 1:00pm to 3:00pm (EDT).
Event Sponsors:
Accuity
Actimize
Confirmed Speakers:
US Securities and Exchange Commission
Sarah D. Green
Branch Chief, Office of Compliance Inspections and Examinations
US Government Accountability Office
Barbara Keller
Assistant Director, Financial Markets and Community Investment
Daylight Forensic & Advisory LLC
Carmina Hughes
Executive Director
US Department of the Treasury
Shaswat K. Das
Senior Sanctions Advisor - Securities Office of Foreign Assets Control
Skadden, Arps, Slate, Meagher & Flom LLP
Jamie L. Boucher
Partner
Accuity
Randall Pickett
Associate Director of Product Management and Development for Compliance
Solutions
Actimize
John F. Walsh
Anti-Money Laundering Consulting SME
Merrill Lynch & Co., Inc.
Clay Stevenson
Vice President, Office of General Counsel
Global Monetary & Financial Control Group
Event Agenda/High Level Points to be Discussed:
• Structure of OCIE AML Exam Program
• Common Exam Findings
• Exam Priorities
• Enterprise-Wide AML Risk Management
• 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
• 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?
• 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
• 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
• 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
• 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
• 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?
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
Who Should Attend?
- BSA/AML Officers
- Compliance Officers
- Bank Auditors
- Thrifts and Credit Unions
- Banking Lawyers & Consultants
- Financial Insitutions' Executives
Teleconference Date & Time:
Wednesday, May 14th, 2008
1:00 pm to 3:00 pm (EST)
Registration Information:
Registration Link (click link below or copy and paste into your browser):
https://web.memberclicks.com/mc/quickForm/viewForm.do?orgId=gkc&formId=40931
For Group registrations please follow the link:
http://www.knowledgecongress.org/group_registration.htm
or call Therese @ 646.202.9344 for more info.
** Discounts apply for early registration **
Check for Updates, Speaker Bios, Event Details etc:
http://www.knowledgecongress.org/event_2008_AML.html
About The Teleconference Organizer:
The Knowledge Congress is an organization that produces teleconferences
which examine regulatory changes and their impacts across a variety of
industries.
“We bring together the world's leading authorities and industry participants
through informative two-hour teleconferences to study the impact of changing
regulations.”
To contact, please visit: www.knowledgecongress.org
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