This training program will provide guidance in recognizing, investigating and reporting suspicious activities. It will also discuss instructions on implementing and maintaining an enterprise wide compliance program to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence to the regulatory authorities.
Participants will learn BSA/AML best practices which focus on customer acceptance policy, identification procedures, ongoing monitoring, recognizing red flags and risk management. In brief, anyone who wants to open an account will undergo the same due diligence as a client opening a regular bank account. Identification processes will include scrutiny of beneficial owners, monitoring and looking for complex, unusually large transactions and set thresholds for transaction limits. If required, creating risk profiles for all customers, based on low, medium and high categories and using information derived from their identity, social/financial status, nature of business activity, information about each client’s business and their location.
In accordance with regulatory obligations, there are strict reporting procedures in place to minimize the risk that could be used for money laundering purposes including:
Why Should You Attend:
The purpose of this webinar is to provide information and guidance regarding the new FinCEN SAR. This webinar will discuss the key concepts and the current changes in the marketplace and expose the new faces of AML. In addition, it will give a roadmap in investigating, monitoring suspicious activities and recognizing red flags that pose present and future challenges for regulated businesses.Participants will learn BSA/AML best practices which focus on customer acceptance policy, identification procedures, ongoing monitoring, recognizing red flags and risk management. In brief, anyone who wants to open an account will undergo the same due diligence as a client opening a regular bank account. Identification processes will include scrutiny of beneficial owners, monitoring and looking for complex, unusually large transactions and set thresholds for transaction limits. If required, creating risk profiles for all customers, based on low, medium and high categories and using information derived from their identity, social/financial status, nature of business activity, information about each client’s business and their location.
In accordance with regulatory obligations, there are strict reporting procedures in place to minimize the risk that could be used for money laundering purposes including:
- Proper identification of clients and vendors
- Recognizing red flags
- Investigating suspicious activities
- Monitoring and reporting questionable behavior
- SAR preparation and reporting
- Guidelines in maintaining records
- Training staff to recognize suspicious transactions and reporting obligations
- Internal and external audit requirements
Learning Objectives:
- Understand that the role and responsibility of an efficient well rounded AML program is to effectively monitor, investigate and report suspicious activities.
- Learn to recognize red flags early on and understand the key patterns of suspicious behaviors and take preemptive actions.
Areas Covered in the Webinar:
- The key pillars of an AML regulations
- How to implement an effective program
- How to recognize suspicious activities
- Enhanced level of due diligence
- Financial action task force and their role
- New faces of AML fraud
- SAR preparation and reporting guidelines
- Ongoing monitoring and training programs
Who Will Benefit:
- Compliance Officers
- Independent Sales Organizations
- CFOs and Presidents of Payment Service providers
- Managers of Payment Service Providers
Course Provider
Armen Khachadourian,
