AML/BSA and OFAC Compliance: Practical Guidance for Banks and Financial Institutions
Overview:
Given the current economic environment, virtually every business transaction could pose significant & systemic risks for banks and other financial institutions. Adding to the challenge is stepped up enforcement by regulators. To help financial executives navigate through the myriad of challenges facing them, The Knowledge Group is producing “AML/BSA and OFAC Compliance: Practical Guidance for Banks and Financial Institutions LIVE Webcast.”This two-hour LIVE webcast is aimed at offering step-by-step practical guide in developing and/or improving your AML/BSA and OFAC model by addressing the following key topics:
· AML/BSA and OFAC System Reviews
· Identify and Understand Risk Appetite
· Compliance Program for a Financial Institution
· Remodeling an Effective OFAC Policy
· BSA Examiner's Checklist
· Setting up Risk Policy Guidelines and Internal Controls
· Regulatory Issues and Best Practices
Agenda:
SEGMENT 1:
Thomas E. Crocker, Partner,
Alston & Bird LLP
- The rise of operational risk
- Application of the FFIEC BSA/AML Examination Manual
- Hot compliance topics
- Lessons from recent enforcement
- Bank regulators' expectations for internal compliance programs
SEGMENT 2:
Erin McAvoy, Principal, Financial Services,
Ernst & Young LLP
and
Jonathan H. Burke, Manager, Financial Services Risk Management,
Ernst & Young LLP
- What are we seeing in the evolution of AML and sanctions compliance?
- Convergence/divergence of AML and sanctions compliance focus and processes
- US sanctions targeting not just entities and individuals but also activities and non-US persons
- The pace of regulatory expectations can be slower than evolving risks
- Identifying and understanding real risk
- Is "real" risk the risk of compliance violations or of financial crime itself?
- Differences in AML and sanctions geographic risks
- Is the appropriate approach "risk based" or "risk averse?" And should risk be exited or managed?
- Emerging trends and next generation financial crime compliance
- The rise and fall and rise of terrorism
- Leveraging screening capabilities
- In-house Financial Intelligence Units' (FIUs)/analytic capabilities
SEGMENT 3:
Carol Spawn Desmond, Counsel,
Satterlee Stephens Burke & Burke LLP
- Costs of AML compliance (in more ways than one):
- Balancing what's easiest against what generates unwanted attention of examiners (setting security parameters too low=a lot of SARs=BSA examiner dissatisfaction)
- The never-ending story #1 (Money Talks), getting C-level buy-in to efficient and sustainable compliance: tension between deal closers and compliance requirements
- The never-ending story #2 (The Devil You Know), getting C-level buy-in to efficient and sustainable compliance: tension between failing or inefficient internal compliance software systems or protocols (with "known" costs) and installation of improved systems (with "unknown" costs)
- Lessons learned:
- C-level commitment to establishing protocols for and accepting the consequences from determinations not to follow compliance protocols and requirements
- BSA examiners' increasing reliance on 3rd-party providers (to establish and provide compliance testing for banks)
- Client quote: "you better have 20-20 hindsight because the regulators do"
- Hot-topics/international issues:
- "Bitcoins and bags of cash" (keeping AML issues ahead of the curve in new-world currencies)
- Even the most commonplace of cross-border transactions can't have the slightest errors
SEGMENT 4:
Donna DeMartino, Senior Director,
Alvarez & Marsal
and
Peter Kwan, Director,
Alvarez & Marsal
- Conducting independent Third Party BSA/AML Technology Assessments
- Importance (from Internal Audit and independent 3rd party opinion perspective)
- Common Pitfalls: customer stratification, Inefficient reporting capabilities, adequate testing and tuning
- Addressing the common blind spots: data feed reviews, controls gaps, data ownership and remediation
- Portable Technology Infrastructure For Look Backs (Directed and Non-Directed)
- When to perform a self-directed look back
- Assessing Your organizations Look Back readiness
- Lessons learned from Look Back engagements
- The overall cost and hidden long term benefits
Who Should Attend:
- BSA/AML and OFAC Officers
- Risk & Compliance Officers
- General Counsel
- Sanctions Advisors/Officers
- Attorneys – BSA/AML and OFAC Functions
- Finance Executives
- Operations and Security Officers
- And other interested professionals
Mr. Crocker's practice focuses on regulatory and enforcement aspects of international business. Mr. Crocker has over 30 years' specialization in …
Jonathan is a manager in EY’s Financial Services Advisory practice. He joined the firm in 2012 after more than seven …
Carol Spawn Desmond is counsel to Satterlee Stephens Burke & Burke LLP. Her practice consists of financings and other commercial …
Donna DeMartino is a Senior Director with Alvarez & Marsal's Dispute Analysis & Forensic Services in New York where she …
Peter Kwan is a Director in the Forensic Technology Services practice within Alvarez & Marsal's Global Forensic and Dispute Services …
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE)
Prerequisite:
NONE
Course Code:
134518
NASBA Field of Study:
Specialized Knowledge and Applications
NY Category of CLE credit:
Skills
Total Credits:
2.0 CLE
2.0 CPE (Not eligible for QAS (On-demand) CPE credits)
Login Instructions:
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SPEAKERS' FIRMS:
Ernst & Young LLP
About Alston & Bird LLP
With more than 800 attorneys, Alston & Bird is a leading national AmLaw 50 firm. The firm's core practice areas are intellectual property, complex litigation, corporate and tax, with national industry focuses in energy and sustainability, health care, financial services and public policy. The firm has built a reputation as one of the country's best employers, appearing on FORTUNE magazine's ranking of the "100 Best Companies to Work For" 14 consecutive years, an unprecedented accomplishment among law firms in the United States. The firm has offices in Atlanta, Brussels, Charlotte, Dallas, Los Angeles, New York, Research Triangle, Silicon Valley, Ventura County and Washington, D.C.
Website: https://www.alston.com/
About Ernst & Young LLP
Named best consultancy by Operational Risk & Regulation magazine for the fourth consecutive year, EY provides a breadth of advisory services including operational risk management, enterprise risk governance, capital management, data management and reporting, anti-money laundering and regulatory compliance technology services to the world’s largest and most complex financial institutions.
EY’s Financial Crimes practice is a globally integrated team of industry leaders drawn from regulatory, compliance, business, enforcement and risk-related backgrounds. Our unique insights in current and future practices, regulatory expectations and optimization of program effectiveness have helped the world’s leading firms manage their money laundering risk while also managing cost. Our depth of experience and global connectivity on critical topics includes program design, AML optimization, sanctions compliance and technology enablement and enhancement.
The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
About Satterlee Stephens Burke & Burke LLP
Satterlee Stephens Burke & Burke LLP is a dynamic mid-sized law firm providing skilled, professional legal services to the business community, to public and private institutions, and to individuals. Today, in its second century, it is proud to have numerous attorneys throughout all departments selected for inclusion in The Best Lawyers in America, Super Lawyers ,Chambers USA and Who’s Who Legal.
Website: https://www.ssbb.com
About Alvarez & Marsal
Alvarez & Marsal (A&M) is a global professional services firm specializing in turnaround and interim management, performance improvement and business advisory services. A&M delivers specialist operational, consulting and industry expertise to management and investors seeking to accelerate performance, overcome challenges and maximize value across the corporate and investment lifecycles. Founded in 1983, the firm is known for its distinctive restructuring heritage, hands-on approach and relentless focus on execution and results. To learn more, visitwww.alvarezandmarsal.com
Website: https://www.alvarezandmarsal.com