Final Notice Anti-Money Laundering III for Financial Institutions: New Developments, Economic Sanctions and Global Compliance Requirements LIVE Teleconference
Subject: Final Notice Anti-Money Laundering III for Financial Institutions: New Developments, Economic Sanctions and Global Compliance Requirements LIVE Teleconference
Title: The Knowledge Congress - Events, Seminars, Teleconference
Summary: 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 (EST). Click the button below to register in this event.
US Securities and Exchange Commission
Sarah D. Green 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
Merrill Lynch & Co., Inc.
Clay Stevenson Vice President, Office of General Counsel
Global Monetary & Financial Control Group
US Department of the Treasury
Shaswat K. Das Senior Sanctions Advisor - Securities Office of Foreign Assets Control
Actimize
John F. Walsh Anti-Money Laundering Consulting SME
Accuity
Randall Pickett Associate Director of Product Management and Development for Compliance Solutions
• 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?
- 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
Anti-Money Laundering III: Global Compliance Requirements
Date: Wednesday, May 14th, 2008 Time: 1:00 pm to 3:00 pm (EST)
Important Notice: If you have a scheduling conflict and can't attend this live event on its scheduled date, you may want to order the full recording of the event for your review at your convenience. Please email:tlumbao@xxxxxxxxxxxxxxxxxxxxx for any question or if you wish to order the recording.
The Knowledge Congress is an organization that produces live 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."
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