AML/BSA Basics, Compliance and Current Issues

Image credit: Jayamani
On-Demand Schedule Tue, December 06, 2022 - Tue, December 13, 2022
Duration 60 Mins
Level Basic & Intermediate
Webinar ID IQW22B0235

  • Requirements of the Bank Secrecy Act (and related areas of the USA PATRIOT  Act)
  • Know Your Customer (KYC) requirements
  • Currency Transaction Reports (CTRs) requirements
  • Suspicious Activity Reports (SARs) requirements
  • New Customer Due Diligence requirements             
  • Compliance issues and common violations and high risks
  • Current issues and problems
  • AML 2022 Act
  • Recent Fincen priorities (2022)
  • Bitcoin type systems
  • AML and Fraud overlaps
  • Adaptation by perpetrators
  • False Positive Problem

Overview of the webinar

Money laundering continues to be a national concern.  High levels of drug-related activity and violence have drawn additional attention In the form of the AML Act of 2022.  The Act will up the power of Fincen and change their role in im[lamenting Customer Due Diligence. They have recently issued an important list of priority areas for enforcement.

Overall, perpetrators have adapted to banks’ efforts so banks cannot combat money laundering with yesterday’s methods. Software is widely installed to identify specific patterns and “unusual” transactions. But the launderers 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.  

Who should attend?

  • Retail Banking Leaders
  • Corporate and International Banking leaders
  • Risk and Compliance Officers
  • AML and Financial Crimes Departments

Why should you attend?

AML Software is widely installed to identify specific patterns and “unusual” transactions.  But the launderers 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.

We will cover each of the basic areas of AML requirements per the Bank Secrecy Act and later regulations

Faculty - Mr.Jim George

Jim George is an independent consultant to banks focusing on issues of fraud. He brings over 25 years 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 Fortis-US division providing outsourcing services to the banking industry. 
Jim's work has included projects in fraud investigation, fraud prevention, identity issues, compliance and AML (anti-money laundering). His background includes work in bank operations and payments strategy, reengineering, systems and quality improvement.

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