Improving Your Money Laundering Defenses by Effective Leveraging of Technology

Technology is the omnipresent ingredient of successful anti-money laundering programs in most large and mid-sized financial institutions. At present, technology is almost necessary to assure compliance with legal requirements but navigating the world of available technological solutions is not always easy. In this session learn about customer due diligence software and databases, filtering solutions for terrorist suspect lists, transaction monitoring systems and other technologies that promise to help you carry out a variety of AML duties while minimizing your institution’s risk. Locate and use the technology you already have and gain insight on how to use the information generated by these systems for marketing and sales. Top experts will guide you on how to implement technology-driven AML programs to get a good return on investment.

Speakers: Hossam Abd El-Rahman, Mohamad S. Mansour, Jim Richards

Moderator: Mohammad Baasiri

Government watch lists have become prevalent in the fight against terrorist financing. Aimed at identifying criminal activity, financial institutions are obliged to block the transactions and assets of cited individuals. But these lists, which include those issued by the European Union, the United Nations, and the U.S. Office of Foreign Assets Control, are often complicated and contradictory. Common problems with these lists include false positives and translations issues; how do you ensure accurate results? How should you keep track of every list and its updates? Panelists teach you how to improve checking customers against sanctions lists and how to monitor them. Also learn how to investigate matches properly and document decision making.

Speakers: Dany Nassar, Austin Wiehe

Moderator: Charles Intriago

Reducing the Risks of Money Laundering Through Remittances

Formal and informal remittance systems pose a heightened degree of risk for being used to launder money or finance terrorism. Hawalas, often unregulated, can allow illegal activities to thrive. A recent report by the MENAFATF recommends that national legislation require Hawalas and similar businesses be licensed, but few countries in the region have complied. This panel will provide you with best practices for accurately assessing the risks associated with both formal and informal remittances. Speakers will also detail ways to minimize the danger to your institutions through customer due diligence and monitoring procedures.

Speakers: Helen Baines, Austin Wiehe, Adel Qulish

Moderator: Michael McDonald

Islamic banks generate profit through pooling and investing client deposits, so as to comply with Shari’a (Islamic) law. If proper ‘Know Your Islamic Firm’ techniques are applied, Islamic firms that follow Shari’a law can be as safe as traditional banks since they are required to ensure that funds are not derived from a prohibited source. As these institutions join the trend toward globalization, how can they dispel the myths associated with their products and foster good relationships with regulators and western financial institutions? In this panel, you will receive guidance on bringing transparency to customer due diligence and learn special considerations for transaction monitoring and the risk assessment of Islamic finance products.

Speakers: Faisal Ghazi Azzazi, Zohair Said Al Rabi’i, Aline Aziz

Moderator: Marc Hambach

Criminals use many strategies to disguise their laundered funds, but the most effective way to thwart a laundering scheme is to identify the beneficiary of the transactions, according to the Financial Action Task Force (FATF). The FATF defines the beneficial owner as the person who “ultimately owns or controls a customer and/or the person on whose behalf a transaction is being conducted.” But identifying these individuals behind layers of corporations, shareholders, lawyers, nominees and other intermediaries can be a daunting task. Is it possible to peer beyond the mirage that corporations and trusts can create? Here you will learn how to identify the true beneficiary of corporate accounts and transactions that do business with your institution.

Speakers: Hossam Abd El-Rahman, Alexander Isaac, Bachir Al Nakib

Moderator: Marc Hambach

This engrossing and enriching panel brings James Richards to the stage for his popular presentation on uncovering the treasures of the Web for use in your AML work, including due diligence. This innovative Wells Fargo AML officer and former Canadian prosecutor will captivate you with a masterful presentation demonstrating how the Internet is a fabulous and inexpensive tool in money laundering controls. He will show you in a crisp and clear way how to use the Internet’s tools, such as the “invisible web” and “historical web,” to enhance your due diligence and investigations. You will learn about the startling, powerful, and mostly free information sources available to everyone – if they know where to look. This learning experience is worth the price of attending.

Speaker: Jim Richards

Moderator: Barry Koch

The benefits of an efficient, cutting edge anti-money laundering program far exceed the costs of non-compliance, which may lead to bad publicity, civil or criminal exposure, and, ultimately, the loss of ability to carry on commercial activity. So how do you assure that your AML program is working well and is as “bullet-proof” as you can make it to the criticisms of regulators? Regular auditing of your program is essential to uncovering deficiencies in your program before regulators do, helping AML officers improve areas where gaps exist and efficiently guard against regulatory problems. Here, experts tell you how audits can help improve the quality of your program and how to ensure that it is properly implemented and maintained.

Speakers: Hany Abou-El-Fotouh, Mohammad S. Mansour

Moderator: Richard Small

From the executives to the branch tellers, it is important to determine the probability that an employee will be confronted with suspicious activity. Does a private banker who deals with high net worth individuals present a greater risk than one who works with international funds transfers? What specific AML training should different categories of employees receive? Customizing training to the risks and responsibilities of your employees will allow you to address their unique circumstances and maximize the effectiveness of your overall AML program. In this hands-on workshop, experts go through the steps of risk-ranking an employee and deciding on the appropriate training based on that score.

Speakers: Alexander Isaac, John Byrne, Mansoor A. Siddiqi

Moderator: Charles Intriago

In the past few years, the Financial Action Task Force and other regulatory bodies have urged financial institutions to use a risk-based approach to money laundering controls. But guidance for financial institutions on how to implement this approach is scarce. What are the appropriate procedures to mitigate the specific risks that your institution faces? How should due diligence be enhanced to meet the risk a certain customer or product presents? In this seminar, experts will offer best practices for evaluating the risks that threaten MENA region institutions. You will learn effective risk scoring methodologies for diverse customers, products and transactions and how to make your risk scoring systems efficient and productive.

Speakers: Dany Nassar, John Byrne

Moderator: Mohammad Baasiri

In this groundbreaking session, James Richards will show you how a tool that is at your fingertips, Excel, or similar spreadsheet software, can help you solve with amazing speed the money laundering riddles in customer transactions and investigative cases at your organization. We usually embrace new technology quickly without first understanding the old. You use Excel in your job but do you use it well? Do you fully exploit its basic – and advanced – features? Richards will teach you how to use this powerful tool for your AML duties. Learn insider’s angles to Excel and the many tips and tricks that Richards has learned over the years that will increase your productivity. You will not want to miss this fast-paced, entertaining session.

Speaker: Jim Richards

Moderator: Barry Koch

Corruption is the engine that drives the most serious international crime in the world and hundreds of millions of dollars in corruption proceeds circulate annually through financial institutions, often with the approval of principals who welcome politically exposed persons because of political pressure. AML professionals must be able to recognize politically exposed persons, PEPs, deal with them once they are identified and avoid the dirty money they may carry with them. Have our experts guide you on best practices for customer acceptance, transaction monitoring and due diligence and highlight how they can fortify your institution’s defenses against corrupt PEPs and their funds.

Speakers: Aline Azziz, Barry Koch, Bachir Al Nakib

Moderator: Charles Intriago

Identifying your customers is an integral part of protecting against money laundering and terrorist financing in your institution. In the MENA region, however, compliance officers face challenges in knowing their customers. Some customers may find divulging what they consider personal details about their business or family offensive; others fear the government will use the data against them. The difficulty in obtaining even basic information presents a roadblock to assessing customer risks and performing adequate due diligence. How can you find a middle ground? How can you ensure you abide by KYC rules without antagonizing your customers? In this seminar, experts give you practical advice on how to get to know your customers.

Speakers: Faisal Ghazi Azzazi, Collin Lobo, Mohammad S. Mansour

Moderator: Richard Small

Good corporate governance is a crucial element of effective anti-money laundering compliance and safety and soundness and key to protecting your institution from damaging risks. By focusing on accountability, supervision and management that takes into account legal, reputational and other risks, financial institutions can identify deficiencies in their policies, procedures and rules, and create effective compliance programs from the top down. How do you implement a sound corporate governance framework at your institution? How do you overcome challenges? How do you instill a culture of compliance within your institution? In this panel, our experts help answer these questions and discuss best practices for good banking corporate governance.

Speakers: Sarkis Yoghourtdjian, Hany Abou-El-Fotouh

Moderator: James Richards