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Avoiding the AML and OFAC Risks of Cover Payments (CD-ROM)

Recent enforcement actions highlight regulatory concerns about the use of cover payments by international banks. The lack of direct technical relationship between originating and beneficiary banks that forces this kind of transactions, leads to two distinct payment message streams. These "payment messages" often do not identify the originator and beneficiary of the transfer in the payment order sent to correspondent banks, which can prevent financial institutions from adequately monitoring for and reporting suspicious activity and as a consequence, exposes them to the risk of unwittingly facilitating the international movement of dirty money. In this web seminar, explore how to best manage the risks in cover payments and what information–gathering procedures you can implement to minimize the risks.

Expert Speaker
Richard A. Small
Global anti-money laundering leader, GE Money, Stamford, Connecticut, he previously served as the managing director of global anti-money laundering operations at Citigroup, overseeing and helping develop global AML policies and procedures. For several years he was the principal money laundering control official of the Federal Reserve System in Washington, responsible for Bank Secrecy Act and money laundering matters, and investigations of banks supervised by the Federal Reserve for possible regulatory and statutory violations of U.S. money laundering laws and regulations. During his government service and after he played an important role in the formulation of anti-money laundering laws and regulations of the United States. He is a member of the Advisory Board of the Association of Certified Anti-Money Laundering Specialists (ACAMS).

Recorded
February 1, 2008

Multiple Web Seminar Discounts

What Our CD-ROM Clients Say

	"I've been to many AML seminars and found the ones given by Money Laundering Alert to be the most interesting, with all current hot topics included."
Christina Wing, DeutscheBank, New York City

	"Excellent. A single resource of combined knowledge. Always presented in a lively manner."
Michael Trimmer, Trimmer & Company Ltd, Chicago

	"I have attended several seminars..but I received more information and learned more from this seminar than at any other..."
Roger Long, Sr. Manager Internal Fraud, Direct Merchants Bank

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