Six AML Mistakes to Avoid When Banking Money Services Businesses
Date: April 22, 2010 | Full lenght : 54 minutes | Speakers:M. McDonald and J. Sklar
Last month, Wachovia, now a unit of Wells Fargo, has agreed to pay a record amount of $160m to settle allegations by the Treasury and Justice Department for serving Mexican casas de cambio without proper AML controls. In recent years, several other enforcement actions have been imposed on banks with inadequate controls with regard to high-risk Money Service Businesses (MSBs).
In this webinar you will learn:
What to include in an enhanced due diligence program for customers presenting a heightened risk of illicit activity, including high-risk MSBs.
How to conduct ongoing monitoring of MSB accounts for suspicious activity
What do regulators expect from banks with regards to review of high risk MSB customers?
How to set up adequate internal controls, and operating systems for MSB account activity and a cash vault program?
What to include in written procedures as to what type of MSB customers the Bank accepts and does not accept and how to make specific procedures for each.
About The Speakers:
Michael McDonald, CAMS
Now principal of Michael McDonald & Associates in Miami, which specializes in anti-money laundering compliance and examinations of financial crime controls of institutions and businesses in the banking and money transmitting industries. As an IRS Criminal Investigation Special Agent, he helped launch the legendary Operation Greenback in 1980, the first multi-agency anti-money laundering task force, which recovered hundreds of millions of dollars from drug traffickers. He is former coordinator of the South Florida Organized Crime Drug Enforcement Task Force. He has testified in many civil and criminal cases and was a "cadre instructor" in the elite Expert Witness Training Program of IRS CI. During his career with IRS CI, he managed and investigated complex cases involving financial crime, organized crime, tax evasion, corruption, Ponzi and other types of fraud. He is Executive Director of the International Association for Asset Recovery and a member of its Advisory Board
Jeffrey Sklar, CAMS
Jeff is managing director of SHC Consulting Group, an independent firm that works with financial institutions to develop, implement and review AML and compliance programs. He has provided employee training, performed independent audits and transactional lookbacks for money services businesses (MSBs), insurance companies, broker-dealers and casinos. He is a Certified Public Accountant and Certified Fraud Specialist. In addition, Jeff also co-chaired the Association of Certified Anti-Money Laundering Specialists' (ACAMS) Annual Conference Task Force and is chair of the ACAMS Metropolitan NY Chapter..
2008 and 2009 have produced plenty of examples of cases to choose from. Keep up to date with how to keep away from regulatory sanctions and reputational losses!
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Michael McDonald, CAMS
Jeffrey Sklar, CAMS
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2008 and 2009 have produced plenty of examples of cases to choose from. Keep up to date with how to keep away from regulatory sanctions and reputational losses!
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