Hot Topics in Anti-Money Laundering Compliance
FASB recently spelled out the demise of the Qualified Special Purpose Entity via its publication of Standard Nos. 166 (Accounting for Transfers of Financial Assets) and 167 (Amendments to FASB Interpretation No. 46(R) ). QSPE’s were long criticized because they allowed some assets to be removed from the company’s books although in essence, they were still actively under the control of the company. It is often thought that this significantly contributed to the rampant securitization issues that were a central part of the financial system meltdown. SFAS 166 and 167 ensure that companies can only remove assets that they do not control. Interestingly, SFAS 166 & 167 are more guidance-based vs. rules-based leaving the door open to a considerable array of interpretations. Many wonder if companies will really comply with the guidance or merely “go through the motions”. The critical issue here is how the new regulations will apply to your assets and the transactions that you may have in your pipeline. The Knowledge Group has assembled a panel of key thought leaders and regulators to help Finance and Accounting Executives understand this and all the important issues with respect to SFAS 166 & 167 including interpretation and best practices. This live webcast is a must-attend for all professionals who need to be in the know with respect to understanding SFAS 166 & 167.
SEGMENT 1: Stuart M. Litwin, Partner, Co-Head, Securitization Practice, Mayer Brown LLP - Structures that will achieve sale treatment under SFAS 166 & 167 - Term ABS structures - ABCP structures - Update on regulatory changes resulting from adoption of SFAS 166/167 SEGMENT 2: Jeffrey T. Allen, Managing Director, Financial Instruments and Credit Group, PricewaterhouseCoopers LLP - SFAS 166 - Removal of the QSPE concept - Revisions to the conditions for sales accounting (par. 9) - “Participating interest”: attributes and accounting for transfers thereof - SFAS 167 - The new consolidation model for variable interest entities: “power” and “potentially significant” economics - Kickout and participating rights: will they continue to matter? - When may a decision-maker be considered a fiduciary? SEGMENT 3: Robert Walley, Principal, Enterprise Risk Services, Deloitte & Touche LLP - Operationalizing SFAS 167 - Inventory Development and Control - Investment Life cycle - Quarterly Monitoring - Reconsideration Processes - Reporting SEGMENT 4: Tracy S Benard, Partner, Transaction Services, New York, KPMG LLP - SFAS 167 - The new consolidation model for variable interest entities: “power” and “potentially significant” economics - Kick out and participating rights: will they continue to matter? - When may a decision-maker be considered a fiduciary? - Refresher on current consolidation model
Who Should Attend:
- Accountants/ CPAs - Financial Analysts - Finance Managers & Attorneys - Securitization Practicing Attorneys and Consultants - Financial Instruments and Credit Consultants - Capital Markets and Corporate and Securities Consultants - Senior Corporate Management
Frederick E. Curry, III is a Principal in the Forensic and Dispute Services practice of Deloitte Financial Advisory Services LLP (“Deloitte FAS”). Mr. Curry’s practice area covers, financial crimes, insider abuse, conflicts of interests, employee wrong doing, financial investigations, and corporate governance issues. At Deloitte, Mr. Curry has lead domestic and international financial institution engagements focused on various types of fraud and money laundering, including cash, check, wire, and computer fraud. Prior to joining Deloitte FAS, Mr. Curry was Senior Director of Anti-Money Laundering (“AML”) Services at the law firm Katten Mutchin Zavis & Rosenman. Previously, Mr. Curry was a Senior Risk Specialist at the Federal Reserve Bank of New York where he planned, supervised, and conducted comprehensive safety and soundness and anti-money laundering examinations of domestic and international banks which covered operational and internal controls, electronic data processing, information security, large currency transaction reporting, suspicious activity identification and reporting, electronic payment systems, security programs, insider abuse, and third party outsourcing arrangements. Mr. Curry frequently lectures to federal and state bank examiners and law enforcement personnel on conducting specialized target financial crime and anti-money laundering reviews. He is also a frequent speaker abroad on regulation and supervision of financial service institutions, risk management, fraud, money laundering, terrorist financing, clearing and settlement, and payment systems. Fred is a Certified Anti-Money Laundering Specialist.
Mr. Curry served in the United States Marine Corps. He graduated from the American Institute of Banking and earned a BS Degree from Adelphi University, MBA Degree from Fordham University and a JD from Brooklyn Law School.
Frederick E. Curry, III is a Principal in the Forensic and Dispute Services practice of Deloitte Financial Advisory Services LLP …
Mr. Teleki focuses his practice on regulatory compliance issues facing registered investment companies, including mutual funds and closed-end funds, broker-dealers, investment advisers, unregistered funds, variable insurance product issuers and distributors, and related service providers.. He also advises financial institutions on anti-money laundering and OFAC issues. Mr. Teleki also has experience in corporate governance and Sarbanes-Oxley issues.
Prior to entering legal practice, Mr. Teleki owned and managed a small construction company specializing in custom home construction and remodeling. He also worked in the commercial real estate division of Wells Fargo, where he conducted due diligence for commercial mortgage-backed structured finance projects.
Mr. Teleki writes and speaks frequently on anti-money laundering as well as the regulation of investment companies and variable annuity products. He was a contributing author to the recently-published treatise Sarbanes-Oxley Planning & Compliance (2003, Thompson Publishing Group), and he serves on the faculty of the Glasser LegalWorks Mutual Fund A to Z seminar.
Mr. Teleki focuses his practice on regulatory compliance issues facing registered investment companies, including mutual funds and closed-end funds, broker-dealers, …
Carol Van Cleef represents financial services companies and other clients in federal and state regulatory, compliance, and enforcement matters, including anti-money laundering (AML), electronic payments, federal deposit insurance, and other bank regulatory issues. She counsels banking organizations, credit unions, securities firms, insurance companies, finance companies, money service businesses (MSB), and hedge funds, among others.
Ms. Van Cleef regularly advises clients on compliance with the USA Patriot Act, the Bank Secrecy Act (BSA), and Office of Foreign Assets Control (OFAC) regulations. She assists clients in developing, reviewing, and enhancing BSA, AML, and OFAC compliance programs. She also works with clients in analyzing implementation of their automated BSA/AML compliance solutions, addressing enforcement actions and preparing for regulatory examinations and independent compliance reviews.
A Certified Anti-Money Laundering Specialist (CAMS), Ms. Van Cleef is a frequent speaker on AML compliance-related issues and a member of the Editorial Task Force of ACAMS Today. She has created a series of highly acclaimed AML compliance training programs sponsored by the Conference of State Bank Supervisors (CSBS), including the Boot Camp for BSA/AML Compliance Professionals, the Mini-Boot Camp For Developing Prepaid Card AML Compliance Programs, and an intermediate course, Officer Training for BSA/AML Professionals. These programs have been attended by regulators from more than 45 states and representatives of domestic and foreign banks securities firms, MSBs, and other companies.
Carol Van Cleef represents financial services companies and other clients in federal and state regulatory, compliance, and enforcement matters, including …
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