Introduction

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 launderers 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.

Learning Objectives

  • Learn what are elements of transactions which can cause a transaction to be considered “high-risk”’ and how to make judgments in each category:
  • Countries involved
  • Customers involved
  • Counterparties involved
  • Product type or transaction type
  • Learn the characteristics of international correspondent banking that cause it to be the most difficult area of AML compliance
  • Learn how to manage high-risk transactions and what the options are for completing that.

Area Covered In The Webinar

  • We will discuss each of the characteristics which can cause a transaction to be considered high-risk.   
  • For each, we will discuss where in the bank’s organization each type of work will need to be performed
  • We will identify key places in the workflow where communication to other areas is necessary and why there have been failures at this in the past.
  • We will discuss the unique risk components of international correspondent transactions and accounts
  • We will look techniques for controlling and managing high-risk transactions
  • We will discuss each of the end results that may occur:
  • Weighing analytical engines
  • Special reviews
  • SAR
  • End the customer relationship
  • Section 314(b) sharing with other institutions. 

Why should you attend?

AML Software is widely installed to identify specific patterns and “unusual” transactions.  But the launderers 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.

There are areas identified as high-risk. Many banks identify specific accounts as high-risk but fail to provide additional scrutiny to those accounts or fail to link the risk rankings to the processing of its AML software.   

Banks are at great risk when performing international correspondent processing.  They are at risk to decisions their partner banks control and customers of those banks.  But their responsibilities to comply with AML requirements remain in place.  

Who Will Benefit

  • Risk and Compliance Officers
  • Loss Control Managers
  • Retail Banking Leaders
  • International Banking leaders
  • Commercial Banking Leaders

ENROLLMENT OPTIONS

On Demand
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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 PriceWaterhou Know More

Jim George