Anti-Money Laundering Compliance and Solutions in 2014
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:
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
- Risk-based approach: Does it work anymore?
- 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 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 (CLE)
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 (Not eligible for QAS (On-demand) CPE credits)
Login Instructions:
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SPEAKER'S FIRM:
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/