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This is a lengthy course in AML (Anti-Money Laundering) starting with The Bank Secrecy Act requirements and going into each of the basic requirements as well as the newest requirements of customer due diligence (CDD). We will cover things which are high-risk of AML and require additional actions due to that.
The topic will be covered in considerable breadth and depth. We will start with an overview of the Bank Secrecy act and USA Patriot Act requirements. This includes cash transaction reporting, suspicious activity reporting, Know Your Customer requirements and the new Customer Due Diligence requirements.
We will discuss where and how banks have had difficulty and been penalized for compliance failures and what are the strategies and techniques for avoiding common and serious mistakes.
We will discuss current issues of interest among banks related to BSA/AML program.
We will share our current understanding of what money laundering strategies and techniques are being utilized today, so you will know what to be looking for in client activity. We will then focus on High-Risk in the AML sphere. What customer types, account types, activity types, etc require additional care. What extra steps can you take. One of the highest risk areas is international correspondent customers, which we will cover. Finally, what do you do to manage these high areas of risk in your banking business.
Money laundering continues to be a national concern. High levels of drug-related activity and violence have drawn additional attention. Terrorist activities need to be considered as well. Perpetrators have adapted to banks’ efforts so banks cannot combat the money laundering with yesterday’s methods.
Software is widely installed to identify specific patterns and “unusual” transactions. But the fraudsters know this and are constantly striving to create new patterns where their transactions are designed not to be flagged. Like in a game of chess, the advantage goes to the side that thinks the most moves ahead.
This AML/BSA boot camp will provide valuable assistance to all personnel with AML responsibilities in banks or other financial institutions:
Jim George is an independent consultant to banks focusing on issues of fraud. He has over 25 years’ experience as a consultant to major banks in associate partner and principal roles at PriceWaterhouse-Coopers Consulting, IBM Consulting in Bank Risk and Compliance, and Andersen Consulting (now Accenture). He has also been SVP Operations for a Fortis-US division providing outsourcing services to the banking industry.
His work includes projects in fraud investigation, fraud prevention, identity issues, compliance, and AML (anti-money laundering). Mr. George’s background also includes work in bank operations and payments strategy, reengineering, systems, and quality improvement.View all trainings by this speaker