Workshop B:
2:30 PM – 4:00 PM 
Core Training Part I: Money Laundering and the U.S. Requirements – The Operation and Global Application of the Bank Secrecy Act and Its Regulations

If you operate or do business in the United States, home of the most aggressive and punitive money laundering regulatory scheme in the world, you must know the regulations, how they affect you and how to comply.  This is true whether you work in banking, securities, money transmitting, mutual funds, insurance or a government agency.  If you do not know these regulatory duties, the consequences can be devastating.

This workshop is the first in a two-part series designed to help you understand the U.S. Bank Secrecy Act and its regulations, as amended by the USA Patriot Act.

Whether you are new to the money laundering field, or a veteran who needs a refresher of these important requirements, you should not miss this workshop. You will learn how the 76 BSA regulations - which cover the full range of 25 or so industries covered by the BSA - affect everything from currency transaction reporting to the required elements of customer identification and anti-money laundering programs. Here, you receive expert guidance and instruction on what the United States regulations are, including those of the Office of Foreign Assets Control (OFAC), how they work and to whom they apply.  Acquire the basic know–how you need to effectively manage risks and safeguard your institution. Attend this workshop and learn how to keep your organization compliant and your career on an upward swing.  

Part II of this Core Training series will teach you how the potent U.S. criminal money laundering and forfeiture laws work and how they apply to you today.

Workshop C
4:30 PM – 6:00 PM
How You Can Deal Effectively With ‘Cover Payments’ to Avoid AML and OFAC Sanctions Risks

Recent enforcement actions highlight regulatory concerns about the use of cover payments by international financial institutions. Cover payments are funds transfers that involve two distinct payment message streams, which often do not identify the originator and beneficiary of the transfer in the payment order sent to correspondent banks involved in the payment. This practice exposes banks to the risk of unwittingly facilitating the international movement of money destined for illegal purposes or for the benefit of a person listed on a sanctions list of the European Union, OFAC or another body. The payments not only mask the involvement of sanctioned parties, but also prevent institutions from adequately monitoring for and reporting suspicious activity.

This pre-conference workshop explores through the instruction of top experts how institutions should manage the risks in cover payments and what information–gathering procedures they should use to minimize those risks.