Anti-Money Laundering Compliance and Solutions in 2014

Broadcast Date: Wednesday, June 18, 2014 from 12:00 pm to 2:00 pm (ET)

Tax, Accounting and Finance (CPE), Recording

Overview:

The Knowledge Group has invited Mr. Schiffer, a key thought leader and practitioner to help bankers, accountants, IT experts, regulators and related AML and compliance practitioners understand anti-money laundering compliance and solutions in 2014. The program will cover the most significant topics involved along with Q&A in which the attendees will be invited to ask the speaker questions.

Mr. Schiffer will discuss the following key issues:

Anti-Money Laundering Compliance and Solutions: An Overview
Latest trends of Anti-Money Laundering Compliance and Solutions
Establishing an Effective Enterprise Risk Solution model
Principles vs. Rules to find hidden risk
Regulatory issues and best practices

Agenda:

David M. Schiffer, President & CEO
Safe Banking Systems, LLC

Anti-Money Laundering Compliance and Solutions: An Overview
- Risk-based approach: Does it work anymore?
  - Evolving to meet current regulatory environment
  - One size does not fit all
  - Implementation challenges
- Global Mission
  - Finding the “bad guys” (entity resolution) and stopping illicit transactions
- Humans + Technology (more than automate and streamline processes) = Effective program
  - Latest trends of Anti-Money Laundering Compliance and Solutions
- Centralization of AML processes for a more global view of risk
- Increased scrutiny of AML analytics & efficacy
- Regulatory focus shifting to customer risk
- New challenges:
  - Medical marijuana
  - Virtual currency/bitcoin
  - Cybersecurity
- De-risking customers
  - Principles vs. Rules to find hidden risk
- Principles vs. Rules defined
- Defining the problem of entity resolution
- Why rules don’t solve this problem
- Why principles do
- Defining the problem of adverse media
- Why more than streaming news feeds are needed
- Reducing the problem to entity resolution is the answer
  - Establishing an Effective Enterprise Risk Solution model
- A model that works
  - Addressing regulatory issues
- Model validation
  - Regulator expectations
  - Below the line testing
  - Auditable and defensible
Summary
- Understand and clearly state the problem
- Understand what’s given, hidden and yet to be discovered
- Consider possible alternative methodologies
- Re-evaluate the model

Who Should Attend:

C-Levels
Compliance and Risk Officers
AML/CTF Professionals
Money Laundering Reporting Officers
Money Service Businesses
Bank and Financial Institution Executives
Bank and Financial Institution Auditors
Banking Lawyers & Consultants
Anti–Money Laundering Lawyers and Specialists
Security Operations
Fraud Monitoring
Business Analysts
Fraud Analysts
And Other Related/ Interested Professionals

David M. Schiffer President & CEO Safe Banking Systems, LLC

David Schiffer is the founder, CEO and president of Safe Banking Systems (SBS), a provider of AML and compliance solutions headquartered in Mineola, NY. For over fifteen years, Mr. Schiffer has directed his company’s efforts to combat money laundering, terrorist financing, fraud and other criminal activity by providing banks, non-bank financial institutions and corporations with the latest solutions to fight financial crime and find the “bad guys.”

Mr. Schiffer believes that the role of SBS is not only to provide innovative solutions to the AML community but to also share the knowledge gained from years of research and practical experience. A frequent sponsor and speaker at ACAMS conferences and knowledge events, he has been called before the US Senate Commerce Committee and US House Committee on Homeland Security and has also met with the OCC.

Prior to founding SBS, Mr. Schiffer ran other technology companies and also taught in the New York City school system.

Course Level:
Intermediate

Advance Preparation:
Print and review course materials

Method of Presentation:
On-demand Webcast

Prerequisite:
NONE

Course Code:
144625

NASBA Field of Study:
Specialized Knowledge and Applications

NY Category of CLE Credit:
Skills

Total Credits:
2.0 CLE
2.0 CPE

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About Safe Banking Systems, LLC

For more than 15 years, Safe Banking Systems, a technology enabled company has been thinking ahead of the risks to combat financial crime and find the “bad guys.” SBS’ anti-money laundering and compliance solutions solve key Know Your Customer, Customer Due Diligence and Enhanced Due Diligence issues. These solutions provide financial and other institutions with a holistic framework for managing enterprise-wide risk in a data driven environment. SBS’ flagship offering, SAFE Advanced Solutions®, combines a patented risk ranking methodology with a probability scoring model that brings actionable intelligence for entity resolution to clients worldwide. For more information, visit www.safe-banking.com.

Website: https://www.safe-banking.com/