Money Laundering 2008 - (Page 25) 12:00 PM–1:30 PM 1:30 PM–2:30 PM Luncheon Concurrent Sessions by Track The New Convergence - How Smart Institutions Blend Data Pools and Systems to Combat Money Laundering and Fraud In recent years many financial institutions that grapple with the challenge of complying with anti-money laundering laws and regulations and with deterring money laundering have been exploring the similarities of that effort with the hunt for fraudsters. What they have discovered is that there are resources, practices and tools that are used in one of those pursuits that can be used by the other. They have learned that the pursuit of launderers and fraudsters should not run on parallel tracks. Rather, they should tap the data pools and fraud indicators for elements that may assist in detecting money launderers and their schemes. Here, experts show you what you can do to get the best return on investment from your AML and fraud detection programs and how to capture the synergies and common elements that lie in both programs. Panelists: William Langford, Ron King, Jane Ogden Moderator: Barry Koch Realities and Myths of AML Requirements in Supposed High-Risk ublic Countries of Colombia, Mexico, and the Dominican Republic In designing a risk-based AML program, institutions are told to rate the ate risk in customer transactions and accounts from certain countries. A es. key element in determining this risk is the existence of a country’s ry’s sound AML regulatory regime. Drug trafficking, money laundering ng and other crimes have earned Colombia, Mexico and the Dominiican Republic a “high risk” categorization. What is the regulatory y landscape there? Are their financial intelligence units active and d effective? Do they require registration or licensing of money services businesses? Are parallel foreign exchange markets illegal? ? What are the typical AML compliance programs and reporting reequirements? In this panel, experts tell you the realities and dispel el myths of the requirements in these countries to help you reach an accurate assessment of the country risks. Panelists: Jorge Guerrero, Maria Elena Plata Moderator: Michael McDonald “ Great conference — wonderful networking opportunity — I would recommend it to anyone in BSA/AML business. Wanda Moncrief BankPlus Ridgeland, Mississippi USA ” Unique AML Compliance Challenges Small Financial Institutions Face and How They Can Meet Them In the United States, according to the Federal Deposit Insurance Corporation, there are 8,600 financial institutions, of which more than 7,000 have assets of less than $300 million. These smaller institutions face the same stringent anti-money laundering requirements as do larger ones but lack the resources and technology that their bigger counterparts have. What can the small Conference Program 25
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