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ACAMS 13th Annual AML & Financial Crime Conference


CH6 - Total Due Diligence: Who Are My Customers, Vendors and Employees?


Sep 30, 2014 3:15pm ‐ Sep 30, 2014 4:30pm

Description

Financial institutions, now more than ever, have been asked to identify and mitigate risks across their lines of business. One of the most important questions they must ask themselves is who I am dealing with? In the AML Landscape, financial institutions are asked to know their customers and in some cases, their customer's customer. The need for financial institutions to identify and verify individual customers and the beneficial owners of legal entities is growing; Regulators expect financial institutions to do more. Banks and other financial institutions are also being asked to know their vendors and employees to further mitigate the risks associated with their AML exposure. In this session, we will discuss what financial institutions should do in order to mitigate these risks.

Takeaways:

South Florida Chapter

  • What are the challenges with banking Latin American customers?
  • What are the types of legal entities Latin American customers use to protect their identity?
  • Why are these types of legal entities so challenging?
  • What are some of the ways to identify and verify true beneficial ownership?
Atlanta Chapter
  • What are the key CDD requirements from Bank, MSB and TPPP perspective?
  • What risks can arise when failing to extend CDD to vendors?
  • Distinctions between "safe side" or "sorta kinda know" customer/vendor/employees?
  • Effective, thorough CDD is a profitable, risk based alternative to de-risking.
Central Florida Chapter
  • Insights into SARs relating to employee activity
  • Which employees are most likely to commit fraud and other financial crimes?
  • Case Study: Florida-based Rothstein Ponzi scheme- TD Ameritrade employee found to have assisted scheme which resulted in FinCEN, OCC & SEC AML fines

Speaker(s):

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