Identifying Fraud and Corruption Associated with Governmental Officials and Contracts in the Mid-Atlantic Region

Sep 30, 2014 10:00am ‐ Sep 30, 2014 11:15am

Identification: CH4

Every financial institution (FI) has fraud and AML challenges; geographical location will oftentimes add unique challenges for financial institutions to consider in their programs. Many FIs in the Mid-Atlantic region have the honor of servicing government related accounts. Reputation risk associated with banking a corrupt government official or lax oversight for governmental accounts can be a death warrant for a financial institution, such as the embassy relationships that brought down Riggs National Bank. Governmental fraud and corruption is a serious problem globally but particularly in the Mid-Atlantic region, where many of our government offices and representatives reside. Building a robust AML program that finds the bad guys, meets regulator expectations and is cost effective is a difficult challenge. Add to that doing business in an area where the Foreign Corrupt Practices Act (FCPA) and OFAC cannot be "check the box" exercises, and building a quality financial crimes program becomes much more difficult. Representatives from the North Carolina, Richmond and US Capital ACAMS Chapters will present recent case studies including government-related fraud or corruption, highlight the red flags for suspicious activity and provide salient and usable guidance that you can apply to your AML programs. Discussion points from this session will include:

• The steps financial institutions can and should take to identify suspicious activity by public officials
• Building FCPA red flags into your surveillance program
• Identifying funds that are derived from corruption or fraud activities

Insurance Focus: Conducting an Enterprise-Wide Risk Assessment

Sep 30, 2014 10:00am ‐ Sep 30, 2014 11:15am

Identification: MI4.2

  • Developing a risk assessment methodology to suit your business model
  • Performing a robust assessment on high-risk insurance products
  • Evaluating client profile and geography according to your institution's risk appetite statement
  • Optimizing risk assessment methods to meet regulatory expectations

Hot Topic

Sep 30, 2014 12:30pm ‐ Sep 30, 2014 1:45pm

Identification: CS5

Now a popular staple of the conference program, this hot topic session brings together a panel of financial crime prevention experts to address top-of-mind challenges, including recent regulatory updates and headline-making enforcement actions.  You drive the content for this highly interactive session by nominating topics just two weeks prior to the conference, ensuring the most timely and relevant information is discussed. 

Local Law Enforcement Focus: Applying Proven Investigation Techniques and Fostering Collaboration

Sep 30, 2014 12:30pm ‐ Sep 30, 2014 1:45pm

Identification: PU2

  • Understanding financial documentation on new products and services, and obtaining needed information
  • Promoting communication and partnership between agencies and financial institutions through targeted outreach programs
  • Following a bank's communication protocols when supplying its staff with a search warrant or subpoena
  • Gaining new investigations techniques by participating in hands-on exercise and applying best practices

Compliance Assurance - Can You Prove Your AML and Sanctions Systems Work? - Presented by SWIFT

Sep 30, 2014 12:30pm ‐ Sep 30, 2014 1:45pm

Identification: SP5

This session will be a moderated panel discussion that will discuss trends in the regulatory compliance landscape, explore the regulatory perspective as well as how the market is responding to the evolving changes in the compliance space. The session will put a spotlight on Sanctions and dive into the details of how compliance officers are being expected to not only understand how their systems work but more importantly demonstrate that they really are mitigating risks and catching the bad-guys. This panel will provide a regulatory perspective on AML/Sanctions as well as explore the tools available to help tackle the effectiveness and efficiency of an institution's Sanctions Screening process.

Uncovering Beneficial Owners and Adapting KYC Practices in Today's Financial Landscape

Sep 30, 2014 12:30pm ‐ Sep 30, 2014 1:45pm

Identification: CORE2

  • Identifying prevalent red flags that indicate the layering of ownership
  • Adopting investigation best practices for uncovering the ultimate beneficiary across multiple jurisdictions
  • Spotting unusual activities in registered LLCs with the same ownership structure
  • Applying lessons learned from recent case studies and typologies involving KYC gaps

Developing an Enterprise-Wide AML Risk Management Practice - 2

Sep 30, 2014 12:30pm ‐ Sep 30, 2014 1:45pm

Identification: RM5

  • 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

Small Institutions Focus: Assessing the Impact of Client De-Risking

Sep 30, 2014 12:30pm ‐ Sep 30, 2014 1:45pm

Identification: MI5.1

  • Understanding the trickledown effect of large banks exiting high-risk businesses
  • Establishing strategies for maintaining accounts such as third party payment processors that service virtual currencies
  • Developing stringent KYC processes when on-boarding high-risk clients
  • Ensuring adequate staff and technology is available to monitor for suspicious activity and file reports

[Case Study] Securities Focus: Combating Emerging Fraud Trends in 2014

Sep 30, 2014 12:30pm ‐ Sep 30, 2014 1:45pm

Identification: MI5.2

  • Identifying key financial crime challenges for global securities firms including investment banking and corporate finance abuse
  • Implementing risk-based monitoring for casas de cambio, omnibus accounts and microcaps
  • Keeping informed of changes in market practices that impact AML protocols
  • Incorporating themes from recent enforcement actions into your AML program

Human Trafficking: Southwest US Border Issues

Sep 30, 2014 12:30pm ‐ Sep 30, 2014 1:45pm

Identification: CH5

• Understanding a global problem with a border focus
• Current Statistics & Law Enforcement Update
• Human trafficking and the use of funnel accounts
• Public & Private Partnerships in the Fight
• Tips, Trends & SAR reporting