Money laundering continues to be a national concern. High levels of drug-related activity and violence have drawn additional attention. Terrorist activities need to be considered as well. Perpetrators have adapted to banks’ efforts so banks cannot combat the money laundering with yesterday’s methods. Software is widely installed to identify specific patterns and “unusual” transactions. But the launderers know this and are constantly striving to create new patterns where their transactions are designed not to be flagged. Like in a game of chess, the advantage goes to the side that thinks the most moves ahead. The AML Act of 2020 lays out some new directions for Federal actions but it will impact Banks due to changes in Customer Due Diligence and whistleblower rewards.
Why Should You Attend:
This webinar will provide valuable assistance to all personnel with AML responsibilities in banks or other financial institutions:- Compliance with regulatory requirements
- Designing controls and compliance
- Detecting money laundering attempts
- Managing the Investigating of AML alerts
- Analyzing controls improvement options
- Understanding money launderers’ strategies and techniques
- Anticipating the impact of regulations following up the AML Act of 2020, including both employee and systems issues.
Areas Covered in the Webinar:
- Requirements of the Bank Secrecy Act (and related areas of the USA PATRIOT Act)
- Know Your Customer (KYC) requirements
- Currency Transaction Reports (CTRs) requirements
- Suspicious Activity Reports (SARs) requirements
- New Customer Due Diligence requirements
- Impacts of the AML Act of 2020
- Specific steps that are required by the regulations
- Analytic engines
- Compliance violations
- Current issues and problems
- AML and Fraud overlaps
- Adaptation by perpetrators
- False Positive Problem
Who Will Benefit:
- VP, Manager, Director, Supervisor levels
- Professionals in Deposits, Compliance and AML areas
Course Provider
Jim George,
