Money Laundering 2008 - (Page 31) 1:45 PM–2:45 PM Concurrent Sessions by Track Managing the AML Risks of Correspondent Banking and Meeting the Regulatory Requirements of USA Patriot Act Section 312 Financial institutions with correspondent accounts in the U.S. face costly due diligence duties under the USA Patriot Act Section 312 rules. U.S. banks, broker–dealers and mutual funds must exercise special due diligence on international institutions with correspondent relationships. Some non-U.S. financial institutions face stricter demands from their U.S. counterparts. U.S. institutions must corroborate the adequacy of the AML programs of their foreign correspondents. Failure to comply can lead to hefty penalties and bad publicity. To avoid this and to reduce the costs of compliance with these requirements, some institutions have discontinued their correspondent accounts. Here, experts guide you on the steps you should take to mitigate the risks of correspondent banking and on how non-U.S. institutions can manage the growing demands of their U.S. correspondents. Panelists: Lisa Arquette, Hal Crawford, Maria Odegbaro Moderator: Teresa Pesce How to Address and Administer the Unique Challenges That Islamic Banking and Its Products Pose Islamic banking generates profit by pooling and investing client deposits in order to comply with Shari’a (Islamic) law. Financial institutions that follow Shari’a law can be viewed as being a lower money laundering risk because they must ensure that funds are not derived from an illegal source and are involved in the daily administration of financed assets. As Western institutions expand into Islamic banking, how should they adjust their AML procedures to assess the risks in the new products they offer? How should their monitoring processes Good mix of trends, change? What myths should be dispelled concerning Islamic bankhot topics, how to’s ing products? What do regulators and Western financial institutions and lessons learned. need to know? Here, you will receive guidance on best practices in dealing with Islamic banking and its products. You will also learn Nelson Cierra, CAMS what to do in customer due diligence, special transaction monitorWells Fargo Bank ing and how to assess the risks of Islamic finance products. “ ” San Francisco USA Panelists: Hany Abou-El-Fotouh, David Bagley, Waheed Rathore Moderator: Charles Intriago What Every Insurance Company Must Know About OFAC Compliance and To Whom It Extends The rules of the U.S. Office of Foreign Assets Control, which impose sanctions and require the blocking of funds and accounts of “designated” persons, countries and institutions, apply to all U.S. persons and corporate entities, including insurance companies. The rules present unique challenges and compliance requirements for the insurance industry. What are they and how do OFAC rules apply to insurance products? If you provide group coverage to an organization must you screen against OFAC sanctions lists all persons associated with the group? How do you monitor source of payment on policies? When and how often should you screen OFAC lists? What are the OFAC compliance issues for named beneficiaries of your policies? This panel of experts helps you answer these questions and guides you on assuring a sound OFAC compliance program. Panelists: Brian Ferrell, Martin Feuer, Molly Possehl Moderator: Tim White Conference Program 31
For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.