When the Financial Crimes Enforcement Network released the final version of section 312 of the USA Patriot Act in August 2007, it put even more pressure on financial institutions to scrutinize some of the more secretive and far-flung operations they do business with. The final 312 rule finalizes a proposal issued in January 2006 concurrently with the final rule on due diligence for private and correspondent bank accounts. The final rule requires banks, securities dealers and mutual funds administrators to adopt enhanced due diligence procedures for certain foreign banks, raising many concerns for U.S. institutions. For instance: What would be reasonable steps to assess and mitigate the money laundering risks associated with these accounts? How are U.S. financial institutions satisfying the requirements of Section 312 for their foreign correspondent banks, foreign money transmitters, foreign currency exchange dealers and foreign securities companies? What are the regulatory expectations for compliance? These are questions that will be answered by our seasoned speakers, who will show you how to solve timely issues that are significant not only to U.S. institutions, but their covered international business partners as well.

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