Near the top of many financial crime prevention professional’s list of challenges is the management of risk connected to the normal course of doing business and their financial institutions’ risk appetite. This year’s ACAMS 7th Annual AML Risk Management Conference offers a dynamic learning platform for solutions aimed at strengthening institutions’ risk management. During this one-day event, financial crime prevention professionals and experts gather for an in-depth look at advanced tools that enable compliance professionals to tackle emerging risk vulnerabilities and overcome daily regulatory challenges.
*Earn up to 12 CAMS credits at the conference: 6 credits for the main conference and 3 credits for the pre-conference workshop or 6 CAMS credits for the examination preparation seminar. ACAMS is seeking accreditation for CLE credits through the New York State Board. Attorneys will need to self-report CLE credits.
ACAMS opens its 7th Annual Risk Management Conference with a compelling forum on one of the most challenging and volatile areas of risk management today -- the delicate act of balancing financial inclusion, financial access and so-called “de-risking” regulatory imperatives. This interactive 50-minute session utilizes a question-and-answer format to ensure the issues of greatest concern to attendees are heard and analyzed in an authoritative manner, providing practical and applicable insights into where things stand -- and where they’re headed.
• Developing and institutional robust screening systems to keep abreast of and promptly incorporate sanctions changes and modifications to OFAC’s SDN and Sectoral Sanctions Identifications lists
• Conducting staff training to ensure identification of 50% owned subsidiaries of sanctioned individuals and entities via various ownership structures
• Examining lessons learned from recent penalties imposed by OFAC on foreign banks with US branches for noncompliance of US sanctions
• Adjusting your institution’s risk model in lieu of recent MRB legal developments, such as the lawful sale of CBD products on a federal level, while meeting regulatory expectations
• Crafting and conducting business side training on typologies such as commingling of bankable and non-bankable proceeds in order to strengthen monitoring of institutional risks related to marijuana
• Formalizing protocols for reviewing MRB policies and procedures to ensure oversight practices area current and reflect institutional risk appetite and tolerance
• Adjusting your risk management models as warranted to establish and verify beneficial ownership in accordance with CDD Final Rule requirements
• Developing staff training programs to address protocols for CDD Final rule issues such as detection, escalation and resolution of triggering events
• Preparing for examination-related questions by establishing best practices for documenting CDD Final rule compliance policies
• Using artificial intelligence (AI) and related innovations such as data analytics to upgrade KYC, CDD and strengthen ongoing AML oversight
• Enhancing your risk management program by combining AI with traditional AML transaction monitoring rules to heighten alert accuracy and ensure prompt and comprehensive red flag reviews
• Mitigating risk exposure by developing enterprise-wide tech literacy training programs to build institutional awareness of IT innovations that strengthen AML efficacy