Money Laundering 2008 - (Page 27) does the Directive affect your AML compliance program? What challenges do EU institutions confront in implementing the provisions of the Directive? Here, you get answers to these questions and discover the implications of the Directive for your institution. Panelists: David Bagley, Jane Ogden, Waheed Rathore Moderator: Martin Feuer How U.S. Insurance Companies Should Prepare for AML ML Examinations by the U.S. Internal Revenue Service U.S. life insurance and annuities companies are now subject to Bank Secrecy Act requirements to maintain an AML program and report susport picious activities. They face challenges such as the lack of a federal functional regulator and significant reliance on independent agents, ents, who sell their policies but are not “captive” agents. The industry stry has struggled with how to adequately implement the requirements nts with little guidance from the Internal Revenue Service, which has as the task of supervising compliance by insurance companies. Last t year, the IRS began training new AML examiners to supervise the e industry. And, it conducted the first fourteen examinations of life e insurers. How are they being conducted and what should life e insurers expect? How can they assure their AML programs meet et regulatory requirements? Here, insurance AML experts and a seenior IRS examiner guide you on best practices. Panelists: Michael De Luca, Molly Possehl, David Tilzer Moderator: Brian Ferrell “ Well done! Logistics excellent. This conference is the single most comprehensive and informative AML conference anywhere, a must attend. Ron King, CAMS Bank of Nova Scotia Toronto, Canada ” Monitoring and Deciphering Foreign Exchange Transactions to tions ndering Insulate Your Institution from Penalties and Money Laundering Risks The Black Market Peso Exchange has been a target of law enforcement since the early 1980s as it pursues drug money laundering. This campaign is reflected in the several recent “Deferred Prosecution Agreements” and regulatory actions against major U.S. banks that failed to monitor the activities of foreign currency exchangers. The bank accounts of casas de cambio continue as targets of U.S. enforcement agencies and are regularly seized while their owners are named in drug and money laundering cases. This panel will provide training for banks on monitoring and analyzing the accounts of international dealers in foreign exchange to identify potential money laundering risks, especially in BMPE transactions. You will be guided on enhanced due diligence that will help you manage these accounts and on how to respond to suspicious activity. Panelists: Alex Seddio, Natasha Pankova Taft Moderator: Michael McDonald 3:45 PM–4:15 PM Refreshment Break in Exhibition Hall Courtesy of Deloitte Financial Advisory Services LLP Concurrent Sessions by Track How to Build Solid Training Programs Tailored to Employee Roles and Business Lines In recent enforcement actions against banks, regulators have underscored the importance of tailoring AML training to the roles of employees at financial institutions. From C–Suite executives to tellers, it is crucial that institutions determine the type of training employees in different departments and business lines need. By addressing the responsibilities and roles of employees, institutions may reduce training costs, ensure that employees learn what applies to them and maximize effectiveness in identifying and preventing money 4:15 PM–5:15 PM Conference Program 27
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