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2017 - AML Basics, Current Issues and the New CDD Requirements



VenueAurora, USA - United States USA - United States

KeywordsAml basics; Cdd requirements; Compliance due diligence


Topics/Call fo Papers

Money laundering continues to be a national concern. High levels of drug-related activity and violence have drawn additional attention. Terrorist activities need to be considered as well. Perpetrators have adapted to banks’ efforts so banks cannot combat the money laundering with yesterday’s methods. Software is widely installed to identify specific patterns and “unusual” transactions. But the launderers know this and are constantly striving to create new patterns where their transactions are designed not to be flagged. Like in a game of chess, the advantage goes to the side that thinks the most moves ahead.
Many people with AML responsibilities will work with only a few confirmed cases in money laundering in their career. Few will setup or substantially redesign more than one AML program. Jim’s work has included projects in AML investigation, AML prevention, AML regulatory compliance, and detection systems. He was a member of a Justice Department Interagency AML Taskforce in Miami, Florida. So he will bring you a perspective that goes beyond following the required compliance steps, reflecting extensive hands-on work from many points of view.
• The Bank Secrecy and USA PATRIOT Acts
o Know Your Customer (KYC)
o Currency Transaction Reports (CTRs)
o Suspicious Activity Reports (SARs)
o Customer Due Diligence
• Steps are specifically required by the regulations
• Analytic engines
• AML and Fraud overlaps
• Adaptation by perpetrators
• False Positive Problem
• The New Customer Due Diligence requirements
o Three covered entity types
1. Customer legal entity
2. Beneficial owners
3. Controlling persons
4. Exclusions
o New Requirements
1. Risk profiles
2. Updating
3. Baseline/normal transactions
4. Transaction monitoring
• Money Laundering Strategies and Techniques
Leaders from Banking, Brokerage, or any Financial Services company which have AML requirements
This webinar will provide valuable assistance to all personnel with AML responsibilities in banks or other financial institutions:
• Designing controls and compliance
• Detecting money laundering attempts
• Managing the Investigating of AML alerts
• Analyzing controls improvement options
• Being prepared for the new CDD requirements
• Understanding money launderers’ strategies and techniques
For more detail please click on this below link:
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Last modified: 2017-09-28 13:34:32