This webinar will discuss Suspicious Activities Reporting and examine Red Flags that pose present and future challenges for regulated businesses. Recognizing and investigating suspicious activities is the key in safeguarding an organization’s financial system from illicit use and combating money laundering.
It would be prudent to ensure having an effective AML compliance program which is tailor-made for the key risk factors within an organization. Timely and accurate reporting will promote national security through the collection, analysis, and dissemination of financial intelligence to the proper authorities. Organizations have suffered irreparable reputational damage and have had to pay exorbitant regulatory fines in the millions for failing to implement an effective BSA/AML program.
The Webinar will also discuss the current changes in the marketplace and expose the new faces of AML and examine areas of Politically Exposed People (PEPs) regulation that pose present and future challenges for regulated businesses.
Why Should You Attend:
At the heart of the Bank Secrecy Act (BSA) and the core of any good AntiMoney Laundering (AML) program is the Suspicious Activity Report (SAR), which all financial institutions - banks, credit unions, brokers, casinos, insurance companies, etc. - must file when confronting questionable transactions. SARS are a crucial part of any kind of anti-money laundering investigation.
However, SARS often are perceived by banks as a nuisance and it all starts with confusion over what constitutes suspicious and exactly how much information is necessary to include in the SAR. Add to that reporting deadlines, and mandatory reviews and internal logs describing why you didn't complete a SAR, and then the frustration reaches the erroneous perception that the SARS fall into this black hole after they leave your desk.
This webinar will discuss:
• Erroneous perceptions of SARs;
• Examples of effective SARs best practices in successful investigations;
• Bad habits to avoid when preparing SARs.
Areas Covered in this Webinar:
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:
• Where SAR and STRs fit within BSA/AML Compliance Management?
• SAR preparation and reporting
• SAR Perceptions and realities
• Best Practices in SAR reporting
• Knowing your customer (KYC)
• Beneficial Owners
• Proper identification of your clients and vendors
• How digitization has changed movement of money
• AML Compliance and Digital Currencies
• Monitoring, investigating and reporting suspicious transactions
• Training staff to recognize suspicious transactions and to be aware of their reporting obligations
• Provide guidance in recognizing, investigating and reporting suspicious activities
• 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
• Best practices in SAR reporting and follow up activities which focus on investigation, customer acceptance policy, identification procedures, ongoing monitoring, recognizing red flags and risk management
Who Will Benefit:
• Compliance Managers & Officers
• Risk Managers and Officers
• Presidents/ Vice Presidents
• Managers/ Supervisors
• Independent Sales Organizations
• CFOs and Presidents of Payment Service Providers
Armen Khachadourian is the Founder and President of Digital Payments Inc, a consulting firm providing advisory services in the areas of merchant processing, BSA/AML Best practices and guidelines, ISO/MSP formation, merchant portfolio and acquiring acquisitions, prepaid and alternative payment products.
Armen has also served in executive positions at several top ten financial institutions and helped them maximize growth and revenues in today’s challenging electronic payments marketplace. As a Vice President of JPMorgan Chase’s Prepaid Product in Treasury Services he was responsible for designing and launching prepaid cards in the EU market. As a Senior Vice President at Visa USA, he expanded Card acceptance to new markets.
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