The ABCs of Effective Sanction Lists Compliance: Best Practices to Survive OFAC, EU and UN Sanction Programs
1PM-2:30PM EDT | NOON-1:30PM CDT | 10AM-11:30AM PDT

Compliance with global sanction lists programs has risen recently. To avoid penalties, financial institutions must make sanction lists ccompliance a priority. Whether your institution is located in or outside the United States and unless you are certain that none of your business activities “touch” the United States in any way, it is necessary to have an OFAC component to your anti-money laundering program. Additionally, many countries and organizations have their own economic sanctions programs, which may affect your institution’s activities in the same way as OFAC does. Sanctions lists are not identical; nor are their procedures for inclusion of names of persons or organizations. In this panel, learn best practices for complying with OFAC and other sanctions lists and lessons from enforcement actions against financial institutions for OFAC violations.

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The Complete Guide to Developing an Effective and Successful BSA Training Program
1PM-2:30PM EDT | NOON-1:30PM CDT | 10AM-11:30AM PDT

In recent enforcement actions against financial institutions, regulators have highlighted the importance of AML training. From the board of directors to tellers, it is crucial that institutions maintain employees enrolled in an ongoing training program. Furthermore, by addressing the responsibilities and roles of employees, institutions may reduce training costs, ensure that employees learn what applies to them and maximize effectiveness in identifying and preventing money laundering. Where do you start? What do you need to consider? Who should you involve? How do you document your progress? How do you determine the type and frequency of employee training? Here, top experts take an in-depth approach to training to guide you on creating an AML training program that will not come under regulatory criticism.

Speaker:

Patrick Fogerty, CAMS
Patrick Fogerty is Vice President at Union Bank of California in San Francisco, where he oversees the bank’s BSA/AML/OFAC training program. Patrick has spent over 22 years developing, delivering, and managing training for financial institutions. Prior to joining Union Bank, he was Vice President and Training Director at World Savings Bank, where he implemented the company’s first computer-based training curriculum, as well as its first formal BSA training program. Patrick is a member of the ACAMS Speakers Bureau and has authored several articles on AML training management.

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How to Mitigate the AML Risks Posed by Trade-Based Activities
1PM-2:30PM EDT | NOON-1:30PM CDT | 10AM-11:30AM PDT

As evidence emerges that international trade is becoming a haven for dirty money, banks must pay closer attention to their trade financing activities and learn how to manage those risks. A 2006 study by the Financial Action Task Force identified international trade as a money laundering tool for criminals. FATF said in the report that stronger training programs, additional information sharing among national authorities, greater international cooperation through mutual assistance agreements and better knowledge of “red flags” would help authorities to address the risks of trade. The U.S. government has also been paying attention. The Treasury Department, in its 2007 National Money Laundering Strategy, listed combating trade-based money laundering as a top priority. The heightened attention to this issue has added pressure on financial institutions to scrutinize trade financing transactions. Don’t stay behind. Attend our web seminar and learn how to profile trade transaction risks, how trade is used for money laundering and what to do to mitigate the risks.

Speaker:
Dr. John S. Zdanowicz
Professor of finance, Florida International University, Miami, he is the world pioneer in exposing money laundering and suspected terrorist financing through international trade. His first article, with documentation, on aberrant pricing in international trade as a mask for money laundering, was published in Money Laundering Alert in January 1992. He has served as a consultant to the U.S. Customs and the U.S. Justice Department on transfer pricing and money laundering through trade and has presented his research to the European Commission, the Treasury Department’s U.S.-MENA Private Sector Dialogue and international conferences.

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The AML Challenges of New Cyber Technologies: Understanding and Mitigating the Money Laundering Threats they Pose
1PM-2:30PM EDT | NOON-1:30PM CDT | 10AM-11:30AM PDT

New and unregulated cyber technologies pose complex AML challenges and risks for compliance professionals and law enforcement agents. Nowadays, it seems easier to cleanse funds through virtual worlds than banks and the possibility exists that this could become a viable money laundering method. Yet, there is often little that financial institutions and law enforcement agencies can do to trace the origins of real dollars used to buy virtual goods online. According to a State Department Report, the use of other electronic payment systems like stored value cards and mobile remittances also pose a huge money laundering threat. The easy global access, lack of customer contact, speed of settlement, and the ease of changing transaction methods associated with electronic payments make them attractive to money launderers. In this panel, learn from top industry and government experts about the new cyber technology on the rise and the money laundering risks associated with them, how they work and what AML measures financial institutions can employ to guard against illegal activity.

Speakers:

David B. Chenkin
Partner, law firm Zeichner Ellman & Krause LLP, New York, he represents financial institutions in civil, criminal, regulatory and compliance matters. As head of the firm’s anti-money laundering and Bank Secrecy Act compliance groups, he represents institutions under investigation by Congress, federal, state and local prosecutors and banking regulators. He also handles confidential internal investigations for clients facing potential civil, criminal and regulatory problems.

Kevin Sullivan, CAMS
Money laundering investigator, New York State Police, New York, assigned to the High Intensity Financial Crimes Area (HIFCA) El Dorado Federal Task Force. He has participated in many money laundering investigations at the multi-agency investigative task force, which provides intelligence support to law enforcement and regulatory agencies in money laundering and other financial crime matters. He’s presently the co-chair of the New York Chapter of ACAMS and also an instructor. Inv. Sullivan frequently lectures to financial institutions, regulators and law enforcement agencies on various financial crime and training related topics.

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What Western Financial Institutions Should Know to Successfully Deal with the Challenges of Islamic Banking
1PM-2:30PM EDT | NOON-1:30PM CDT | 10AM-11:30AM PDT

As Western institutions expand into the booming Islamic banking market, they must look to the compliance risks of that come with it. There are many misconceptions about the risks and regulations related to Islamic banking products. In this seminar, we will delve into the most vexing questions: What are the best practices in dealing with these products? What must you take into consideration if you’re entering this market? What myths should be dispelled concerning Islamic banking products? What do regulators and Western financial institutions need to know? What to do in customer due diligence? How can you assess the risks of Islamic finance products? Join us for an engaging web seminar and let our seasoned experts answer all your questions, as they educate (and update) you about Islamic banking AML issues and risks.

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