AML Basics and Current Issues
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 it with their yesterday’s methods of anti-money laundering training. Software is widely installed to identify specific patterns and “unusual” transactions. But the fraudsters 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.
Why Should You Attend
AML training staff have a more difficult challenge than Anti-fraud training staff because anything the Fraud people miss will eventually be caught and can serve as lessons learned.
Formal training is far more important with AML requirements because, if money laundering transactions are missed, you will never know it happened and there is no on-the-job lessons learned as a result.
Areas Covered in this Webinar
The Bank Secrecy and USA PATRIOT Acts
Know Your Customer (KYC)
Currency Transaction Reports (CTRs)
Suspicious Activity Reports (SARs)
Steps are specifically required by the regulations
AML and Fraud overlaps
Adaptation by perpetrators
False Positive Problem
Money Laundering Strategies and Techniques
Detecting money laundering attempts
Managing the Investigating of AML alerts
Analyzing controls improvement options
Understanding money launderers’ strategies and techniques
Who Will Benefit
Leaders from Banking
Leaders from Brokerage
Supervisor, manager, or executive level
Any Financial Services company which have AML requirements
Jim George is an independent consultant to banks focusing on issues of risk and compliance, AML, and fraud. He brings over 25 years of experience as a consultant to major banks in Associate Partner and Principal roles at PriceWaterhouse-Coopers Consulting, IBM Consulting in Bank Risk and Compliance, and Andersen Consulting (now Accenture). He has also been SVP Operations for a major Insurance Company providing insurance outsourcing services to the banking industry.
Jim’s work has included projects in AML and fraud investigation, prevention, identity/KYC issues, and related systems. His background includes work in bank operations and payments strategy, systems, reengineering, and quality improvement.