Bank Enforcement Actions: The Year in Review and the Year to Come
The past year has been scarred by high-profile banking cases involving stiff money laundering penalties. With each enforcement action comes a wave of questions: What went wrong? How will it affect future business? And above all, were there clear warning signs that might have prevented the nightmare that followed, if only somebody had noticed them? This session will chronicle the most significant enforcement actions of the past year and their consequences. A panel of experts will pinpoint the mistakes made by the institutions and offer practical advice on correcting common compliance missteps. They will also offer insight on how these penalties may influence the enforcement climate in the months to come and guidance on how to foster a pain-free working relationship with regulators.

Just Ask Jim: Excel® for AML
Jim Richards, one of the world’s foremost authorities on using the Internet as an anti-money laundering weapon, returns to the stage to bring a fresh twist to a topic he often covers in his ACAMS Today column – maximizing the power of Excel spreadsheet software. Send your questions to Jim in advance and he will tailor his demonstration to address your specific needs. Does sorting and filtering multiple lists of customer data leave you dizzy? Have you always wanted to use a pivot table but couldn’t figure out how? In this interactive session, Jim will show you his tricks so that you can move past the basic functions of Excel. You’ll learn to apply advanced features of the powerful software to help manage due diligence and investigative compliance responsibilities, saving you time, money and headaches.

The View from the Top: What AML Directors See
In the wake of an eventful and stressful year, this distinguished panel of anti-money laundering directors will tell you about the major challenges they face and what they are doing to tackle them. You’ll find out how this past year’s headline-making enforcement actions, economic uncertainties and looming regulatory reforms have shaped the directors’ expectations for the year ahead. And you’ll learn what they see as their most pressing concerns and how they are handling emerging money laundering and terrorist financing threats. This question-and-answer session offers a unique opportunity to ask industry leaders about everything from best practices to greatest fears.

Just Ask Jim: Internet Investigative Techniques
He’s back! In Part 2 of this interactive series, Jim Richards will tackle your particular issues on how to use the Web as a compliance resource. Everyone knows how to go online, but Jim lets you in on some of the Internet’s best-kept secrets. Have you tried to find information about a high-profile client but hit a dead-end? Do you need to verify the status of a company whose website has vanished? What’s the quickest way to access public records? The “invisible web” and “historical web” offer a new virtual toolkit for your compliance duties. Jim will tour some of his favorite websites and show you how to key in information to optimize your searches. The result is a powerful boost to your AML investigations and enhanced due diligence efforts, increased productivity and sharper compliance.

New Threats from Cyberspace: Internet Banking and Virtual Money
Some online technologies, such as Internet banking, offer unprecedented convenience. Others, such as virtual reality games, provide innovative ways to entertain and amuse. But for all their differences, both technologies bring grave new dangers of financial crime. Now that smaller banks are eager to provide the same online services as money-center giants, all face the same risks of a vast number of faceless transactions. How can banks confirm customer identities? And how can they guard against abuses of the latest virtual reality games, such as Second Life and Entropia, which have opened new gateways for money launderers by allowing players – who use actual currency to buy and sell virtual products and services – to convert virtual money into the real thing and withdraw it from ATMs? Who is exploiting these games, and can they be stopped? In this unique session, learn what you can do to mitigate the risks of cyberbanking and virtual money.

Money Services Business: The ABC's of MSBs
The money services business industry is huge, with more than 40,000 registered MSBs in the United States alone. MSBs vary widely – including currency dealers, check cashers, money transmitters, and both issuers and sellers of traveler’s checks, money orders or stored value instruments – and all those products and customers carry their own risks. In this workshop, you will learn the differences between the various types of MSBs, and you’ll explore the risks the transactions they conduct may pose to both the MSB and the financial institution that provides it with banking services. Panelists will also discuss best practices for monitoring, training and understanding suspicious activity.

Beneficial Owners: Asking the Tough Questions
Identifying the beneficial owner of an account – the person to whom it ultimately belongs – is a vital element of any Know Your Customer (KYC) program. It’s particularly important with offshore accounts, when ownership may not be publicly disclosed. Regulatory requirements typically insist that beneficial ownership be uncovered and documented, and compliance officers should understand how these requirements have evolved and what the best ways are to steer through the current regulatory environment. This in-depth workshop will offer advice on how to adopt a risk-based approach to identifying beneficial owners, and on how to ask the tough questions about an account’s ownership and its sources of funds.

Securities Broker-Dealers: Working in Tandem - Risk Assessments and Transaction Monitoring Systems
Assessing risk is critical to any risk-based compliance program, and figuring out how to break down risk by product, client type and geography – and ensuring that all that data is kept up to date – is arduous but essential. But risk assessments are not enough. You then need to incorporate them into a vigilant transaction monitoring system, especially in the securities world where millions of transactions take place daily. In this hands-on workshop, industry leaders will discuss how to leverage client risk-ratings to enhance transaction monitoring and protect against fraudsters, detect potentially suspicious dealings and keep the government satisfied.

Insurance: Preparing for a Regulatory Examination
The Internal Revenue Service (IRS) has begun training new anti-money laundering examiners to supervise Bank Secrecy Act compliance by U.S. life insurance and annuities companies. How can you ensure that your organization’s AML program and suspicious activities reporting practices meet regulatory requirements? What will examiners be looking for? During this interactive workshop, a panel of experts will help you put together a comprehensive list of what to do and what to avoid in preparing for your exam.

How to Win Big with an Effective Risk-Based Program
A sound, risk-based anti-money laundering program allows financial institutions the flexibility to guard against money laundering without interrupting customer service or providing a blueprint for illicit activities. But developing and maintaining a successful program can be complex and difficult, and not every model fits every bank. So what should the right risk-based program look like for your institution? What should its components be? In this session, our panelists will offer practical tips on how to assess risk while meeting due diligence, customer identification and transaction monitoring standards. Learn from different risk-based models that can help you develop or improve your own AML program.

Dancing with the STRs: Step-by-Step Advice
Information that is included in a Suspicious Transaction Report (STR) is a reflection of the robustness of your AML program and more specifically the effectiveness of your suspicious transaction reporting system. What are the repercussions of filing a late or incomplete STR? In this hands-on interactive session you will learn the do’s and don’ts of STRs. Regulatory and law enforcement experts will walk you through sample STRs and tell you what information they need and why they need it. You’ll get tips on how to write an STR narrative that is clear and incisive. Experts will help answer your questions by examining real cases, and you’ll find out how to keep your institution safe and produce results that will please both regulators and law enforcement.

What’s the Gamble with Cover Payments?
Cover payments are an indirect method of settling international funds transfers when the banks ultimately involved don’t have direct relations. They provide speed and certainty of payment for transactions that would otherwise be difficult to complete. But it’s apparent that in light of recent enforcement actions cover payments need to be made substantially more transparent if money laundering and terrorist financing activities are to be deterred. Reform proposals made by the Wolfsberg Group and the Clearing House are being weighed by SWIFT and its members. But until they act, how should you try to mitigate the risks? Our panel will examine how cover payments work and what you can do to keep their risks in line.

Scams and Schemes: What’s the Latest?
Money launderers never stop seeking new ways to slip past controls, whether by spinning old tricks into fresh variations or exploiting the latest technologies. As an anti-money laundering professional, your job is to stay on top of the latest schemes so you can prevent financial crime or limit the damage it causes to your institution. In this session you’ll look closely at recent cases involving the most up-to-date money laundering ploys. You’ll also explore some of the latest international laundering methods facing banks, money service businesses and other financial institutions. By dissecting real cases, you’ll learn how to manage the potential risks and find practical solutions. Experts will analyze these innovative scams and provide you with the expertise to give you the upper hand in the fight against financial crime.

Insurance: Examining Case Studies
For compliance officers in this newly regulated industry, keeping up with headline-making stories is indispensable. This seminar will focus on recent cases that shed light on how to recognize money laundering schemes that target the vulnerabilities of insurance products and services. Our panel will examine real-life issues that can help you detect money laundering. Learn what valuable lessons have emerged from these cases, and find out what steps your compliance program can take to identify potential dangers.

AML Program Audits: Independent Testing vs. Internal Audits
An effective compliance program must include constant monitoring of performance and evaluation of success. Internal audits enable institutions to detect serious anti-money laundering compliance lapses before regulators spot them. But internal audits are not enough – they should be coupled with independent reviews conducted by outsiders. Together, the two can address problems before they spiral out of control. So how robust is your audit function? Do you review enforcement actions taken against other institutions to determine whether your audits would have flagged the deficiencies that triggered them? During this in-depth seminar, you’ll get tips on how to leverage your compliance and audit resources and learn how to get senior management involved in following up on audit recommendations. Experts will provide guidance from the primary U.S. bank examination manual to improve your internal audit and independent testing processes. You’ll understand how to critique your compliance program, identify problem areas and find solutions to help rectify deficiencies – before the examiners arrive.

Stored Value Cards: Know When to Hold ‘Em and When to Fold ‘Em
Stored value cards – whether gift cards, re-loadable prepaid cards or payroll cards – are innovative products that are immensely popular among consumers, retailers and banks. They are especially convenient for customers who do not have bank accounts. But the anonymity of the cards can be exploited, since they allow funds to be moved across borders virtually undetected. How can you protect your institution from this serious new money laundering threat? What due diligence should your institution perform before offering stored value products? This panel will update you on laws and controls intended to curtail the risk of money laundering through stored value instruments, and you’ll learn about the three major challenges these cards pose to compliance: customer identification, transaction limits and suspicious activities detection.

Securities Broker-Dealers: Headline-Making Cases
With the ink barely dry from various high-profile cases, from Lloyds TSB Bank to Union Bank of California, the securities industry is keenly aware that no one is immune from scrutiny. So what are some of the cases making headlines today? What lessons can be learned from them? In this eye-opening seminar, discover how those big broker-dealer cases are reshaping policymaking and internal practices. Learn how global businesses respond when faced with Office of Foreign Assets Control (OFAC) regulations and the Foreign Corrupt Practices Act. See how those cases are drawing new attention to the industry, which may affect your operations and future regulatory exams. Our experts will discuss what went wrong and how to avoid common mistakes so that you and your institution don’t become another cautionary tale.

Money Services Business: Recent Enforcement Actions
In spite of strenuous compliance efforts industry-wide, some MSBs have stumbled over their anti-money laundering obligations, leading to regulatory actions and hefty fines. This year, California-based Sigue Corporation paid a record $25 million settlement with the U.S. government for overlooking an anti-money laundering operation involving its agents, and El Noa Noa Corporation in Tampa was fined $12,000 for failing to report cash transactions. What lessons can be learned from these actions? How do other MSBs avoid being hurt by the fallout of the Sigue case? This seminar will provide a sweeping review of the requirements MSBs are being held to and explore the lessons from recent cases brought by federal agencies.

International Standards and Differences with U.S. Regulations
Variations in anti-money laundering regulations from country to country create problems for compliance officers worldwide. For example, international institutions with U.S. correspondent accounts may find themselves caught between the demands of the far-reaching USA Patriot Act and their own regulations. Their rules may mandate customer privacy safeguards that conflict with the U.S. law’s aggressive enhanced due diligence requirements. Panelists will explore how certain laws, such as the Patriot Act and Office of Foreign Assets Control sanctions, affect operations in various regions. By examining real cases, you’ll learn how to stay on the right side of procedures outside your own jurisdiction. You will discover what resources are available and what should be in your compliance officer’s toolbox to keep you abreast of requirements and practices elsewhere. Plus, you’ll hear how other compliance specialists cope with inconsistencies in the laws, and what conflicting requirements may mean during examination time.

Beginners’ Luck? Challenges for First-Time Compliance Employees
Anti-money laundering compliance is a fast-growing profession, with new opportunities opening up daily for individuals who seek challenging and rewarding careers. But with constantly changing legislation, shifting corporate policies and unrelenting pressure from regulators, AML officers continually face tough choices. What are the key ingredients for workplace success? At this roundtable, you will join other compliance officers in identifying the problems typically faced by those new to the field. You’ll hear tips on how to collaborate with colleagues and secure support from senior management. Plus, you’ll get insight on how to build a corporate compliance culture that will ensure success for you and your institution.

Cooperating with Law Enforcement in Money Laundering Investigations
The USA Patriot Act’s powerful Section 314(a) demands that financial institutions install comprehensive policies and procedures to handle information requests from enforcement agencies investigating money laundering or terrorist activity. But law enforcement often finds that few financial institutions understand what information they must release and when. Many times, confusion stems from conflicting privacy laws and anti-money laundering regulations. In this roundtable, you’ll learn what law enforcement agencies are looking for, what your obligations are, and what procedures and policies you should have in place to meet those information requests.

Myth Busters: Caribbean
Financial institutions in the Caribbean Basin have a reputation as offshore sanctuaries for dirty money from corrupt politicians, money launderers and other criminals based elsewhere. Yet these institutions also maintain strong relations with U.S. financial entities. Those factors combine to create a challenging compliance environment for both Caribbean and U.S. institutions. This roundtable will debunk some of the most common myths associated with the Caribbean region. You’ll see how these misconceptions can harm business, and you’ll identify genuine problems facing the region and collaborate with other compliance officers to look for practical solutions.

Preparing for a Regulatory Examination – Over $5B & Under $5B in Assets
You have just received The Letter, which advises you of your forthcoming regulatory examination. As your institution’s compliance officer, you know you will be in the “hot seat” until the exam is completed, and possibly even beyond. Having read about recent high-profile enforcement actions, you also know what may be at stake. What should you do first? In these roundtables – which are tailored by asset size – you’ll hear about what those first steps should be, and you’ll have an opportunity to exchange exam experiences with knowledgeable colleagues.

Securities Broker-Dealers: Going Global – Building an Enterprise-Wide AML Program
The securities industry is by nature global, with transactions routinely cutting across borders and jurisdictions. But this open system causes unique challenges for compliance officers. If your institution does business in different parts of the world, shouldn’t its compliance processes be streamlined and consolidated enterprise-wide? What steps should you take to globalize your AML program to increase safeguards and efficiency? What can you do to ensure compliance with OFAC rules and regulations and avoid violating sanctions programs? This roundtable will identify some of the common elements you can use to build a compliance program that can withstand regulatory scrutiny, regardless of boundaries.

Foreign Exchange 101
The Black Market Peso Exchange (BMPE), a preferred money laundering method of drug cartels, has long been a mark of law enforcement agents. Some MSBs, or casas de cambio, are also considered foreign exchange dealers, however they face different record keeping and reporting requirements. Here discuss with fellow colleagues the potential dangers of doing business with international foreign exchange dealers. Receive guidance on how to incorporate enhanced due diligence measures in handing these potentially risky accounts and the appropriate steps you should take when responding to unusual activity. Discuss the implications of the travel rule along with other emerging international regulations.

Hit the Jackpot with Successful Enterprise-Wide AML Training Programs
Among the special hurdles multinational organizations face is designing anti-money laundering training that covers numerous lines of business and satisfies the many local requirements for multi jurisdictional operations. Unfortunately in this unsteady economy, training resources become limited and sometimes education initiatives can be put on the back burner. Find out how to identify your institution’s urgent training needs and how to establish their objectives. Also learn how to pinpoint the elements of a strong enterprise-wide training program that is both cost-effective yet tailored to your institution’s needs.

Money Services Business: How Bank-MSB Relations Have Changed
Money services businesses constitute a vast and lucrative market for banking services, as many regional banks have found. But the continuing focus on the regulatory risks MSB accounts pose has caused larger banks to turn them away. What can MSBs do to get reasonable access to banking services? How can you be sure banks evaluate your business based on reality instead of industry stereotypes? This roundtable will discuss how industry best practices and the latest bank examination manual can assist banks and MSBs alike maneuver the regulatory minefield. It will also help MSBs understand what banks face and how to meet bank expectations.

Myth Busters: Latin America
Latin America has long been saddled with the image of a playground for money launderers and criminals. Stories about corrupt dictators such as Augusto Pinochet and Alberto Fujimori have sullied the region’s reputation even further. Join this session for a lively discussion that will put to rest some of the most common misunderstandings about this dynamic area. With other roundtable participants, dig down to uncover the real AML challenges facing Latin America. Discuss topical issues, such as the current situation in Venezuela, and learn how your institution might be affected. And discover what other compliance practitioners are doing to create robust controls to protect their institutions and redefine the image of Latin America.

To File or Not to File: When Is a Transaction Truly Suspicious?
“Suspicious” is a powerful word in the anti-money laundering lexicon, capable of triggering institutional responses and directing investigative resources. But how can you know if a transaction is truly suspicious? When should you use the term “suspicious” in your reports? This insightful roundtable will help you answer these questions and more. Learn how to leverage customer due diligence information to evaluate if unusual activity should be deemed suspicious. By examining real-life situations like those you and your colleagues face, you’ll find out how to keep your institution safe and how to avoid defensive filing while remaining out of regulatory hot water.

Insurance: Your Policy Holder is an OFAC Hit – What Do You Do Now?
The U.S. Office of Foreign Assets Control (OFAC) requires corporate entities – including insurers – to block the funds and accounts of designated persons and sanctioned countries and institutions. Should you screen everybody within a group policy against OFAC sanctions lists? What is involved in screening named beneficiaries? Do you violate the contract and alter the insurance policy by moving funds to another account, or do you leave the policy in force and block outgoing payments? This roundtable will help you determine if your OFAC compliance program is adequate and what steps you should take if one of your policy holders is an OFAC hit.

International PEP Talk: The Dangers Posed by Politically Exposed Persons
Politically Exposed Persons (PEPs) comprise a huge array of high-level individuals in government and business – politicians, military officers, executives of state-owned enterprises, close associates and family members. Not all are corrupt, but making the wrong PEP your customer can be disastrous. In this session, learn how to identify PEPs, regardless of their countries of origin. Discuss how to use internal and government lists to determine if your customer is a PEP, how to assess the risks and what your response should be. Finally, see how enhanced due diligence measures can help safeguard your institution from potentially dangerous PEPs.

Remote Deposit Capture: Understanding the Risks
Banking authorities heralded remote deposit capture (RDC) as one of the industry’s most significant advancements in recent years. This procedure, in which paper checks are scanned so that their digital image can be used in clearing funds, allows for greater speed and convenience in financial services. Most banks either offer this service already or expect to launch an RDC program soon. But what are the money laundering risks? In this session you’ll get the latest information on this popular new technology and learn how to protect your organization from its possible dangers. You’ll also hear about the requirements of the Check 21 law and its implications for your financial institution.

Transaction Monitoring: How to Crack Down on False Positives
Your transaction monitoring system is key to a robust anti-money laundering program. Allied with a comprehensive know your customer program, transaction monitoring enables you to pull critically important information from huge amounts of data. But that data also can produce false alarms, which waste your time and can sour relations with both customers and the staff in your own institution who serve them. Learn how to fine-tune your monitoring to boost its efficiency and slash false positives so that you can protect your institution without disrupting essential relationships needlessly.