AML operations, systems, and processes are designed to provide sound compliance and appropriate reporting of Suspicious Activity to Regulators on SARS. Identifying high-risk activity requires focus on compliance priorities. Properly managing high-risk transactions when they are identified is equally important. Together, they help avoid reporting failures which can lead to sanctions against the bank.
This topic covers both the identification and the management aspects of high-risk transactions.
Much of the session we will discuss actual money laundering strategies and techniques. And for each, what are the Red Flags such activities should raise?
Areas will be covered during the Session:
- Money laundering strategies and techniques.
- And for each, what are the Red Flags such activities should raise
- When you need to file a SAR
- What characteristics which can cause a transaction to be considered high-risk.
- We will look techniques for controlling and managing red flagged transactions
We will discuss each of the end results that may occur:
- Weighing analytical engines
- Special reviews
- End the customer relationship
- Section 314(b) sharing with other institutions.
should you attend this training program?
Missing “Red Flags” indicating money laundering is taking place at your bank will cause failure to file required SARs, resulting in potential regulatory actions. This is a look at money laundering detection from a different point of view. Most bankers will go their entire careers without uncovering a case of money laundering. It is hard to be on the lookout for something you have never seen before.
Based on research, actual investigations, and 20 years in Miami banking, Mr. George will describe common laundering techniques and their Red Flags.
If you see activity that looks like any of this, you have a Red Flag or high-risk transaction you will need to address.
Who Should Attend:
- Financial services including Banking, Credit Unions, Retail brokerage
- Professionals looking after Compliance and AML areas
- Vice Presidents
- Supervisor levels
Jim George is an independent consultant to banks focusing on issues of compliance, AML, and 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). Jim was part of a Federal AML Task Force investigating a major money laundering scheme in Miami, Florida.