Managing an Effective AML Compliance Program
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Are the financial transactions within your organization subject to money laundering risk? Do you have a robust internal controls program that focuses on mitigating the greatest AML/Fraud risks? Are your employees aware of the red flags within all financial transaction business processes and know what to do if they find unusual or suspicious activity? Are your company and management up to date on its compliance requirements and the potential impact of non-compliance?
Whether you need to get back-to-basics or you are a seasoned AML professional, join us as we explore the many facets of managing an effective AML compliance program:
Regulatory frameworks surrounding anti-money laundering
Objectives of an effective AML compliance program
Risk assessing your institution
Developing robust internal controls
Training for appropriate personnel
Expectations and duties of the appointed compliance officer
Effective audit program to ensure adequacy of your AML compliance program
Seminar Fee Includes:LunchAM-PM Tea/CoffeeSeminar MaterialUSB with seminar presentationHard copy of presentationAttendance Certificate$100 Gift Cert for next seminar Learning Objective:
Key goals of this course are:
To provide an understanding of money laundering and how it can impact an institution
To review the importance of “tone at the top” and how to implement a compliance-friendly environment
To learn about the critical internal controls and how these controls can protect your institution
The course will focus on the 4 pillars of an AML compliance program:
Policies, procedures and internal controls
Designation of a compliance officer
Training for appropriate personnel
To understand the importance of the risk assessment
To focus on the senior management/board of directors oversight of the Program
To discuss customer due diligence and know your customer expectations
To discuss knowing your high risk customers
To review implementation steps for enhanced customer due diligence
To discuss red flags indicating unusual or suspicious activity
To understand detection and reporting requirements under the Bank Secrecy Act
To discuss recent case studies
Who Will Benefit:
BSA/AML Officers, Compliance Officers, AML Analysts, Operations Managers, Remittance Analysts, Consultants, Internal Auditors, Accounting and Finance Directors, Internal Auditors, Legal Departments, Compliance Officers, and Risk Managers at Banks, Broker-Dealers, Residential Mortgage Lenders & Originators, Precious Gems Traders, Money Services Businesses and other nonbank financial institutions.
Field of Study:
Administrative Practice: 1.2 Credits Auditing: 0.6 Credit Business Management & Organization: 7.8 Credits Communications: 2 Credits Computer Science: 1.8 Credits Personnel/HR: 0.6 Credit Social Environment of Business: 1 Credit Specialized Knowledge and Applications:2 Credits Total CPE credits earned in this seminar: 17 CPE Credits
Day 01(8:30 AM - 5:00 PM)
Registration Process: 8:30 AM – 9:00 AM Session Start Time: 9:00 AM 9.00 AM - 12.00 PM: Understanding the Basics (3 Hours) Money Laundering Basics Regulatory Overview U.S. Federal Regulating Agencies History of U.S. Money Laundering Regulation Bank Secrecy Act USA PATRIOT Act U.S. Federal Statutes Role of Regulators & Expectations The Four Pillars Policies, procedures & internal controls Appointment of Compliance Officer AML Training Independent Testing Oversight & Management “Tone at the Top” AML Governance Compliance Task Force Fostering Partnerships in LOBs 12.00 - 1.00 PM: Lunch 1.00 PM - 4.30 PM: Managing Money Laundering Risk (3.5 hours) Developing a Risk Assessment Identifying high risk activities in the institution Knowing your high risk customers Customer Identification Program (CIP) Conducting Customer Due Diligence (CDD) Enhanced Due Diligence (EDD) Know Your Customer (KYC) Office of Foreign Assets Control (OFAC) & Sanctions Programs Multinational Issues History of Economic Sanctions Programs Screening tools Hits – Blocking & Rejecting OFAC Risk Assessments OFAC Reporting & Documentation Enforcement Guidelines
Day 02(8:30 AM - 4:30 PM)
8.30 AM - 8.35 AM: Welcome & Recap of Previous Topics 8.35 AM- 10.35 AM: Monitoring & Reporting of Suspicious Activities (2 Hours) Transaction Monitoring Manual Vs. Automated Managing & Fine Tuning Alerts Investigate Protocols Defining Suspicious Activity Escalation & Referrals Case Management Reporting & Recordkeeping CTR & CTR Exemptions CMIR Travel Rule / Funds Transfers Monetary Instruments FBAR Form 8300 SARs 10.35 - 11.15 PM: Repercussions (40-Minutes) Failure to Comply Criminal & Civil Penalties Common Deficiencies Causing Enforcement 11.15-12.00 PM: Case Studies (45-Minutes) Case Studies What Went Wrong? Contrast & Compare 12.00 PM - 12.45 PM: Lunch 1.00 PM - 1.45 PM: Issues & Answers: Open Discussion (45-Minutes) 1.45 PM - 4.15 PM: Workshop & Exercises (150 minutes) 4.15 PM - 4.30 PM: Wrap Up
Laura H. GoldzungPresident and Founder of AML Audit Services, LLC
Laura H. Goldzung, CAMS, CFE, CFCS, CPAML. CCRP is the President and CEO of AML Audit Services, LLC (“AMLAS”), a boutique consultancy specializing in independent testing of anti-money laundering compliance programs for bank and nonbank institutions, and serves as its principal examiner. In addition, her expertise includes custom training, and compliance consulting services, which includes design Bank Secrecy Act/Anti-Money Laundering and Anti-Fraud compliance programs, custom training, and compliance consulting services.
In a career spanning more than 35 years across multiple sectors of the financial services industry, Ms. Goldzung has worked in a variety of executive leadership roles. Since founding AMLAS, she has co-created sector-specific compliance officer certification programs and presents various AML/Anti-Fraud topics for industry-leading organizations, and has authored many articles on the topic of AML. Ms. Goldzung has worked with financial institutions that have been referred to enforcement for BSA/AML violations, helping them to bring their AML programs into compliance.
Ms. Goldzung serves as a dispute resolution arbitrator and is active with several industry groups including the Association of Certified AML Specialists, Association of Certified Fraud Examiners, Association of Certified Financial Crime Specialists, National Society of Compliance Professionals, SIFMA Compliance & Legal Society and Institute of Internal Auditors. She serves on a variety of industry task forces and committees, and contributes to a number of compliance, industry and university education programs.
Please contact the event manager Marilyn (bWFyaWx5biAhIGIgISB0dXJuZXIgfCBueWV2ZW50c2xpc3QgISBjb20=
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