Price: $245.00

---

Price: $345.00

Wire Transfers and Cover Payments: Reining in the Risks (Audio/Visual CD-ROM)

The Clearing House Association and the Wolfsberg Group, whose members include some of the world’s largest banks, recently endorsed measures to enhance the transparency of international wire transfers in an attempt to address concerns and criticisms in the use of “cover payments”. The measures include developing an enhanced payment message format that will comprise information about the originators of wire transfers and a call for the worldwide adoption of basic messaging principles that will promote good practices for the global payment system. But how do you mitigate the AML/CTF risks until the enhanced format is available in the autumn of 2008? In this session, learn about these payments, understand what dangers they may present and how to address these risks in advance of the proposed measures.

Speakers:

Nina Nichols
Nina is Assistant Director for Compliance Risk in the Division of Banking Supervision and Regulation of the Board of Governors of the Federal Reserve System. Before joining the organization in 1999, she was an associate at the Dechert firm in Washington, D.C., where she worked primarily in the area of federal taxation and regulation of financial products. Prior, Nina served as attorney-advisor at the Department of the Treasury. At the Financial Crimes Enforcement Network (FinCEN), she provided counsel on regulatory and law enforcement matters relating to the Bank Secrecy Act and anti-money laundering initiatives. She subsequently joined Treasury’s Office of the Assistant General Counsel (Enforcement) to advise on a wide range of matters pertaining to the Treasury Department’s law enforcement responsibilities. Nina is a graduate of Yale University and Harvard Law School.

Rick Small
Rick is currently the global anti-money laundering leader for GE Money in Stamford, Connecticut. Previously with Citigroup, Rick was the managing director, global anti-money laundering and was responsible for overseeing the AML policies and procedures for Citigroup’s businesses globally. Prior to Citigroup, Rick worked with the board of governors of the Federal Reserve System. He joined the Federal Reserve in 1989 as special counsel, with responsibility for all Bank Secrecy Act and money laundering matters, conducting investigations of complex financial transactions, suspicious activities and related enforcement actions. Rick is also a member of the ACAMS Advisory Board.

Recorded: July 18, 2007