Objectives of the Presentation
Why Should you Attend
- Expectations in BSA/AML programs
- How to implement an effective program
- Best practices of an AML program
- Reporting guidelines
- Ongoing monitoring and training programs
- Examples of High Risk Profiles
The cost of non-compliance with regulatory BSA/AML standards within organizations has been great. Organizations have suffered irreparable reputational damage and have had to pay exorbitant regulatory fines in the millions for failing to implement and maintain strong compliance programs. It would be prudent to ensure your organization's compliance program is effective and it is tailor-made in light of the key risk factors within your organization.
This webinar will provide an overview of the importance of the risk based approach. You will learn KYC/AML best practices and guidelines which focus on customer acceptance policy, identification procedures, transaction monitoring guidance, suspicious activity guidelines and independent testing techniques which would assist attendees in improving their companies overall compliance program.
This webinar will also explore the operational implications of dealing with the PEP heightened-risk category. In principle, there is nothing wrong with doing business with a politically exposed person, provided that a number of due diligence criteria are met on an ongoing basis. What differentiates PEPs from other categories of financial clients is their position within a country or similar public structure, or their association with a political officeholder.
In accordance with regulatory obligations, there are strict procedures in place to minimize the risk that could be used for money laundering purposes including:
Who can Benefit
- BSA/AML compliance management
- Sanctions screening / PEP screening
- Knowing your customer (KYC)
- Proper identification of your clients and vendors
- How digitization has changed movement of money
- AML compliance and digital currencies
- Monitoring, investigating and reporting suspicious transactions
- Adapting to regulatory changes and expectations
- Training staff to recognize suspicious transactions and awareness of their reporting obligations
- Compliance Managers and Officers
- Risk Managers and Officers
- Presidents / Vice Presidents
- Managers / Supervisors
- Independent Sales Organizations
- CFOs and Presidents of Payment Service Providers
- Managers of Payment Service Providers
While anti-money laundering (AML) programs are among an institution's most scrutinized risk management functions, there is renewed regulatory emphasis on improved client screening, due diligence, monitoring, investigation and regulatory filing practices in an effort to thwart attempts by senior politically exposed persons (PEPs), sanctioned individuals and entities, and high-profile criminals that pose the greatest risk to an organization. This increased scrutiny has resulted in a recent spike in the number of companies getting fined for sanctions breaches, which clearly indicates the need for banks to re-evaluate their existing compliance programs to ensure that they provide maximum protection from increased regulatory scrutiny and serious risk.
Two areas of significant interest are know your customer (KYC) procedures - which involve customer acceptance, identification, and verification policies and the risk profiling of clients - and sanctions filtering, which involves filtering customers and counterparties against government sanctions lists, suspected terrorists, narcotics traffickers, and designated financial institutions and territories.