[Case Study] Assessing Your Institution's Vulnerabilities to Illicit Cross-Border Currency Movement

Sep 29, 2014 2:00pm ‐ Sep 29, 2014 3:15pm

Identification: ID2

  • Identifying vulnerabilities that would allow illegal cash proceeds to enter the financial system
  • Reviewing the latest crime trends including cash smuggling cases from the Mexican border
  • Conducting a thorough risk assessment to examine of your institution's exposure to illicit currency
  • Enhancing monitoring techniques and currency transaction reporting procedures to spot illegal activity

Financial Crimes Investigations Forum

Sep 29, 2014 2:00pm ‐ Sep 29, 2014 3:15pm

Identification: IT2

Hear firsthand from ACAMS's inaugural Financial Crimes Investigations Advanced Certification alumni as they present original white papers on cutting-edge ideas and practical investigations techniques. You will learn from accomplished investigators and veteran practitioners from their recent extensive research in the field.

"Out of Many, One": Fighting Financial Crime through a Single Customer View - Presented by PwC

Sep 29, 2014 2:00pm ‐ Sep 29, 2014 3:15pm

Identification: SP2

Many financial institutions house their customer data on systems that lack integration across business divisions and geographical regions, which can hinder surveillance of suspicious activity. Furthermore, customers often hold multiple accounts within a single firm, and the information these separate accounts contain does not always match, effectively transforming single individuals into separate entities. A single customer view that reveals the hidden connections between disparate accounts can dramatically improve the efficiency and efficacy of an organization's AML/KYC platform. This session will address the following topics:
  • The practical challenges related to integrating customer data across fragmented systems within large, complex organizations
  • The ways companies are mining structured and unstructured data and employing advanced analytical techniques—including link, geospatial, temporal, and statistical analysis—to establish patterns and connections between records
  • The importance of establishing clear, standardized metrics that can support the dynamic visualization of customer behavior, and using those metrics to improve controls
  • How a single customer view program can provide a foundation for multiple compliance, risk, and business solutions (in addition to AML) and generate cost savings

Developing an Enterprise-Wide AML Risk Management Practice - 1

Sep 29, 2014 2:00pm ‐ Sep 29, 2014 3:15pm

Identification: RM2

  • Assessing the level of AML risk exposure within the enterprise
  • Overcoming the challenges of global implementation faced by international institutions
  • Aligning and executing your institution's risk appetite statement across business lines
  • Eliminating vulnerabilities of high-risk clients and products with enhanced due diligence and technology optimization

Tackling Financial Crime Vulnerabilities in the Payments Processing Industry

Sep 29, 2014 2:00pm ‐ Sep 29, 2014 3:15pm

Identification: MI2

  • Understanding sanctions screening requirements for third party payment (TPP) processors and proper disclosure to the sponsoring bank
  • Forging open lines of communication between the sponsor bank and TPP to identify suspicious transaction patterns
  • Determining guidance and training for TPPs on SAR filing processes, obligations and expectations
  • Utilizing technology to fulfill CIP and CDD requirements based on clientele risk levels

Elder Financial Abuse: Our Crucial Role with Identifying, Combating & Reporting this Illicit Activity

Sep 29, 2014 2:00pm ‐ Sep 29, 2014 3:15pm

Identification: CH2

While anyone is susceptible to financial crime, the elderly are particularly vulnerable. Elder financial abuse continues to be a growing crime, and as such is increasingly drawing the focus of law enforcement. Though elder financial abuse typically involves theft by deception or coercion, the parameters are expanding and can encompass neglect of financial resources. In addition to the financial toll, victim(s) may suffer emotional distress stemming from embarrassment, fear of loss of independence, and intimidation by the perpetrator(s). Further, such abuse may not even be reported due to a lack of awareness that a crime may actually be occurring.

Financial institutions are uniquely positioned to spot and report suspicious activities. Our role includes having trained staff that can recognize the key indicators or red flags and can acting quickly and appropriately. This session will equip you with the necessary information to assist law enforcement and strengthen your program.
  • Elder Financial Abuse is broadly known to involve conduct of a fraudulent or criminal nature pertaining to the taking of money or property from an older person. It often involves coercion, deception or undue influence from individuals in trusted positions in relation to the victim.
  • The indicators of Elder Financial Abuse can be evident but other times difficult to recognize. Victims may be reluctant to come forward or even to cooperate. Financial professionals who may be close to the victims are often in the best position to recognize the red flags of financial abuse.
  • The role of financial institutions and financial crimes professionals is to educate, mitigate and report when necessary. Train staff to recognize unusual activity related to elder clients and how to communicate those concerns to the appropriate personnel or other interested parties, such as Adult Protective Services or suspicious activity reporting. Also, understand advice or tools that can be used to reduce the risk of elder financial abuse.

Audit Thought Leadership Forum

Sep 29, 2014 3:25pm ‐ Sep 29, 2014 4:40pm

Identification: AUD3

Back by popular demand, the alumni from ACAMS's Audit Advanced Certification program will present their original white papers and relevant research in the audit field. Learn from seasoned audit professionals as they discuss evolving techniques and innovative approaches that can be applied to optimize your AML audits.

Understanding and Implementing Model Validation to Mitigate AML Risk - 1

Sep 29, 2014 3:25pm ‐ Sep 29, 2014 4:40pm

Identification: RM3

  • Gaining a model validation perspective from a governance level for strategic action planning
  • Employing the latest techniques for AML system model validation
  • Complying with recent OCC guidance and expectations on model testing and reporting
  • Utilizing model outputs to evaluate and adjust your AML risk exposure
  • Ensuring data integrity to achieve modeling objectives

Insurance Focus: Strengthening Your AML Compliance Program

Sep 29, 2014 3:25pm ‐ Sep 29, 2014 4:40pm

Identification: MI3.2

  • Adopting ongoing CDD and KYC best practices
  • Implementing rigorous on-boarding controls for high risk clients including PEPs
  • Optimizing investigation techniques for suspicious activities and recordkeeping
  • Utilizing lessons learned from bank enforcement actions that apply to insurance companies

Dealing with Foreign Clients and Cross-Border Requirements for Financial Institutions and Casinos

Sep 29, 2014 3:25pm ‐ Sep 29, 2014 4:40pm

Identification: CH3

The West Coast is a nexus of foreign financial activity into the US from Latin and South America and Asia. We face the ever present challenge of record keeping compliance and vetting our clients. However, in many cases the readily available information validating what is presented to us is somewhat lacking. This incompleteness and uncertainty has led many in the industry to engage in de-risking.

AML practitioners have indicated that verifying the source of income provided the most challenging area to include in their compliance plans. These challenges are in areas such as EB5 visa, validating foreign source of funds, and record keeping requirements especially in light of attempts to streamline international travel documentation requirements. Come join us for a discussion of the current roadblocks and strategies to put those clients back on your risk assessment.

Here in Vegas, the house always wins. Don't make KYC risk a game of chance; stack the deck in your favor.

Items we will cover:
  • EB5 requirements and difficulties
  • Border state issues in Mexico and Asia
  • Vetting foreign clients
  • Validating source of funds