Building an effective AML Program and Best Practices for Sanctions Screening

Duration: 90 Minutes
The prevention of money laundering is a key focus of regulatory authorities in developed countries around the world. Money laundering regulations are designed to inhibit the movement of funds derived from criminal activity and to restrict the availability of money to fund terrorist activities. This training program will discuss the current changes in the marketplace and expose the new faces of AML and examine areas of PEP regulation (Politically Exposed Persons) that pose present and future challenges for regulated businesses.
Anti Money Laundering
Product ID: 501181
Objectives of the Presentation
  • 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
Why Should you Attend
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.

Areas Covered
In accordance with regulatory obligations, there are strict procedures in place to minimize the risk that could be used for money laundering purposes including:
  • 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
Who can Benefit
  • Compliance Managers and Officers
  • Risk Managers and Officers
  • Controllers
  • Presidents / Vice Presidents
  • Managers / Supervisors
  • Independent Sales Organizations
  • CFOs and Presidents of Payment Service Providers
  • Managers of Payment Service Providers
Topic Background
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.

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Recorded Session - How it works
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  • Upon purchase of the recorded session a link will be updated on your OCP Account within 24 hours
  • Please click on the link to access the Recorded Session
  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account after 48 hours of the product Purchase
  • Please share your valuable Feedback at the end of the session
Instructor Profile:
Armen Khachadourian is the founder and president of Digital Payments Inc, a consulting firm providing advisory services in the areas of merchant processing, ISO/MSP formation, development of best practices, BSA/AML guidelines, merchant portfolio and acquiring acquisitions, prepaid and alternative payment products including decoupled debit. As a trusted partner with vision to understand his client's future business he has helped design and evaluate new products and services in today's changing marketplace.

Mr. Khachadourian has also served in executive positions at several top ten financial institutions and helped them maximize growth and revenues in today's challenging electronic payments marketplace. As a vice president of JPMorgan Chase's Prepaid Product in Treasury Services he was responsible for designing and launching prepaid cards in the EU market. As a senior vice president at Visa USA, he expanded card acceptance to new markets such as supermarkets, recurring payments, quick service restaurants and federal government agencies. His expertise in card products extends to issuance of credit, debit, prepaid and commercial cards. He is also an experienced manager of technology solutions including development of best practices, network policy, third-party processor contract negotiation and problem resolution.

Mr. Khachadourian earned a Bachelor of Arts degree in mathematics and a Master of Science degree in computer science from the San Jose State University in California. He authored the “Basics of Data Communications” textbook and lectured at College of San Mateo, CA. He was awarded an honorary teaching credential from State of California. He is a member of the United States National Masters team and has represented United States at four world championships.
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