Why Should You Attend:
The Bank Secrecy Act of 1970 as amended under Title III of the Patriot Act was the initial and still is the guiding legislative framework to aid in the reduction of money laundering. The BSA as amended is the governing act, and it affects not just US based persons and institutions but also many international transactions with anchors to the US. The reach of the Act also goes far beyond the banking and finance industries.
Hundreds of business have been fined or shuttered for money laundering not just in the financial services area - anyone with a financial institution covered by BSA/AML laws and requirements, banks, brokerages, fund managers and administrators, insurance companies, real-estate agents as well as CFOs and Treasurers have been penalized. The BSA also applies to any dealer in high value items such as fine art and vehicles, too. Now that regulators have a good idea on how to work with banks they are expanding their compliance forays into many new businesses.
This webinar will discuss the recent development in BSA and how to ensure AML compliance.
Areas Covered in the Webinar:
BSA and amendments and interpretation basis
Foundation for what is money laundering
Forms - CTR, Money Log, and SARs
FINCEN Announcements
Common compliance issues
Solutions to common compliance issues
No such things as enterprise solutions
Recent regulators action and seeing how those fined got it wrong
The role of the independent auditor
The importance of authenticity and the distributed management model
The Bank Secrecy Act of 1970 as amended under Title III of the Patriot Act was the initial and still is the guiding legislative framework to aid in the reduction of money laundering. The BSA as amended is the governing act, and it affects not just US based persons and institutions but also many international transactions with anchors to the US. The reach of the Act also goes far beyond the banking and finance industries.
Hundreds of business have been fined or shuttered for money laundering not just in the financial services area - anyone with a financial institution covered by BSA/AML laws and requirements, banks, brokerages, fund managers and administrators, insurance companies, real-estate agents as well as CFOs and Treasurers have been penalized. The BSA also applies to any dealer in high value items such as fine art and vehicles, too. Now that regulators have a good idea on how to work with banks they are expanding their compliance forays into many new businesses.
This webinar will discuss the recent development in BSA and how to ensure AML compliance.
Areas Covered in the Webinar:
BSA and amendments and interpretation basis
Foundation for what is money laundering
Forms - CTR, Money Log, and SARs
FINCEN Announcements
Common compliance issues
Solutions to common compliance issues
No such things as enterprise solutions
Recent regulators action and seeing how those fined got it wrong
The role of the independent auditor
The importance of authenticity and the distributed management model
Speakers
Jim George is an independent consultant to banks focusing on issues of fraud. He has over 25 years’ experience as a consultant to major banks in associate partner and principal roles at PriceWaterhouse-Coopers Consulting, IBM Consulting in Bank Risk and Compliance, and Andersen Consulting (now Accenture). He has also been SVP Operations for a Fortis-US division providing outsourcing services to the banking industry.His work includes projects in fraud investigation, fraud prevention, identity issues, compliance, and AML (anti-money laundering). Mr. George’s background also includes work in bank operations and payments strategy, reengineering, systems, and quality improvement.
