Money Laundering 2008 - (Page 26) bank and non-bank financial institutions, like money services businesses, insurance companies and jewelers, do? How can they build a risk-based program, obtain necessary expertise, and perform the sophisticated screening and monitoring implicit in the regulations? Here, experts guide the “little guy” and give practical advice on how to fend off AML dangers when budgets and asset size make it impossible to play in the same compliance league as the big wealthy neighbors across town. Panelists: John Atkinson, Lorenzo Delzoppo, Jeff Sklar Moderator: Jim Richards Avoiding Common Audit Deficiencies by Learning to Identify Problems in Audit Programs Before Regulators Do The independent testing of the effectiveness of your anti-money laundering program is not just a good idea, it is a clear and explicit requirement that is hard-coded in the regulations of the United States and many countries. After years of practice and experience, audit deficiencies continue to be one of the top five issues that are found in regulatory enforcement actions and examination reports in the United States. Why do regulators have little confidence in auditor competency and audit reports? What are the boundaries between “compliance review” and “auditing”? What does “independent” mean and what grey areas merit attention? This panel of experts will explain where institutions are going wrong and what you can do to identify problems in your audit function before trouble heads your way. Panelists: Brigitte Lowe, Jack Sonnenschein, Teresa Pesce Moderator: Alan Abel 2:30 PM–2:45 PM 2:45 PM–3:45 PM Time to Move to Next Concurrent Session Concurrent Sessions by Track Leading Practices Institutions Should Follow for Successful Transaction Monitoring and Reporting Automated software systems are part of an effective transaction monitoring equation. The human element, good training and the capture of the right data are other crucial components of a good monitoring program. Banks and other financial institutions expect transaction monitoring to become their largest compliance expense in coming years. That makes it crucial to derive the most out of systems and procedures. Equally important is the effective analysis of data outputs and case management to obtain information that is necessary to identify suspicious activity. Experts on this panel guide you on leading and effective practices, how to evaluate systems to ensure a good return on investment, and how to maximize the quality of data your system provides for better investigative and reporting leads. Panelists: John Byrne, Darren Donovan, John Wagner Moderator: Barry Koch The Implications for Global Financial Institutions Under the New European Union Money Laundering Directive The Third European Money Laundering Directive took effect on December 15, 2007, imposing in some respects tougher provisions on European financial institutions than those faced by their global counterparts. The Directive expanded its coverage to new industries and professions, including lawyers, accountants and real estate agents, and imposed comprehensive beneficial ownership disclosure requirements. AML experts say global institutions should look at these standards as leading practices and incorporate them. How 26 Conference Program
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