Compliance in a Multinational Organization Environment: Tactics and Trends.

Not every country's AML requirements are the same. Multinational organizations not only have to cope with different laws and regulations, but also diverse money laundering methods and customs in the countries where they operate. Inconsistency of laws and regulations can cause major problems for global organizations and may lead to unexpected government attention and sanctions. Businesses that are part of a multinational group should consider tailoring their “consolidated” KYC programs to monitor and share information on customer identity and account activity across all branches. Here, our experts explain how to perform these tasks well and how to coordinate AML programs in an international setting to comply with different, and sometimes conflicting, laws.

The Experts:

Edward Monahan, CAMS
Edward Monahan, Jr. is a Director of Bank Secrecy Act/Anti-Money Laundering Risk Management Advisory Services with PricewaterhouseCooper’s Regulatory Services practice. He specializes in BSA examination preparation assistance and response to private banking and international branch regulatory examination orders. He performs diagnostic reviews of private wealth management strategy and operations that require compliance with provisions of the USA PATRIOT Act and related regulations. He has assisted several crisis remediation programs for financial institutions operating under time-sensitive regulatory enforcement actions. Edward has worked for more than twenty years as a banker, strategic advisor and management consultant in the U.S. and Latin America. Before joining Price Waterhouse in 1994 he worked for Citibank and Arthur D. Little de Venezuela in South America. Edward is also CAMS certified.

Nancy Saur, CAMS
A practitioner for over 23 years in the international financial community, Nancy Saur has made the Cayman Islands her home for the past several years. She founded the Cayman Islands Compliance Association (CICA), managed the creation of a standardized Anti-Money Laundering training program for its members and is a member of CICA's Executive Board. Nancy is a Certified Anti-Money Laundering Specialist and holds an International Diploma in Compliance. She is also a member of the Advisory Boards of ACAMS and the International Compliance Association. She has worked for, and now on behalf of, multi-national organizations. For 16 years she worked for what is now JPMorgan Chase, several years at Barclays, both in NY and Cayman, and now on behalf of clients of Bodden Compliance Services.

Recorded: April 19, 2006

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