Objectives of the Presentation
Why Should you Attend
- Understand that the role and responsibility of an efficient AML program is to effectively monitor, investigate and report suspicious activities
- Learn to recognize red flags early on and understand the key patterns of suspicious behaviors and take preemptive actions
The purpose of this webinar is to provide information and guidance regarding the new FinCEN SAR. This webinar will discuss the key concepts and the current changes in the marketplace and expose the new faces of AML. In addition, it will give a roadmap in investigating, monitoring suspicious activities and recognizing red flags that pose present and future challenges for regulated businesses.
Participants will learn BSA/AML best practices which focus on customer acceptance policy, identification procedures, ongoing monitoring, recognizing red flags and risk management. In brief, anyone who wants to open an account will undergo the same due diligence as a client opening a regular bank account. Identification processes will include scrutiny of beneficial owners, monitoring and looking for complex, unusually large transactions and set thresholds for transaction limits. If required, creating risk profiles for all customers, based on low, medium and high categories and using information derived from their identity, social/ financial status, nature of business activity, information about each client's business and their location.
In accordance with regulatory obligations, there are strict reporting procedures in place to minimize the risk that could be used for money laundering purposes including:
- Proper identification of clients and vendors
- Recognizing red flags
- Investigating suspicious activities
- Monitoring and reporting questionable behavior
- SAR preparation and reporting
- Guidelines in maintaining records
- Training staff to recognize suspicious transactions and reporting obligations
- Internal and external audit requirements
Who will Benefit
- Updated pillars of an AML regulations
- How to implement an effective program
- How to recognize suspicious activities
- Enhanced level of due diligence
- Updated CDD Rule on Beneficial owners
- Financial action task force and their role
- New faces of AML fraud
- SAR preparation and reporting guidelines
- Ongoing monitoring and training programs
- Compliance Officers
- Independent Sales Organizations
- CFOs and Presidents of Payment Service providers
- Managers of Payment Service Providers
In addition, the webinar will discuss the current changes in the marketplace including updates to general purpose prepaid card programs and identification of beneficiary owners. New Customer Identification Program (CIP) rules on prepaid cards came out through interagency guidance to clarify that a bank's CIP should apply to the cardholders of general purpose prepaid cards that have the features of an account and are issued by a bank. The guidance applies to these cards even if they are sold, distributed, promoted, or marketed by third-party program managers.
It would be prudent to ensure having an effective AML compliance program which is tailor-made for the key risk factors within an organization. Organizations have suffered irreparable reputational damage and have had to pay exorbitant regulatory fines in the millions for failing to implement an effective BSA/AML program.