Money Laundering 2008 - (Page 32) Plastics and e-Cash: The Money Laundering Dangers of Emerging Technologies and How to Detect and Combat Them The proliferation of electronic payment systems and new payment products poses complex AML challenges and risks for compliance professionals and law enforcement agents. Virtual worlds–games that allow millions of users to conduct real-life activities online using digital currencies that can easily be converted into real cash–are growing exponentially. So is the use of other electronic payment systems like stored value cards and mobile remittances. The ease of use, pervasiveness and anonymity of these systems and the littleto-no regulation they face, make them attractive avenues for criminal abuse. In this panel, learn from top industry and government experts about the uses and abuses of these products, how they work and what AML measures financial institutions can employ to guard against illegal activity using these products. Panelists: John Atkinson, Natasha Pankova Taft, Colleen Piccone Moderator: John Byrne 2:45 PM–3:00 PM 3:00 PM–4:00 PM Time to Move to Next Concurrent Session Concurrent Sessions by Track How to Improve the Quality of Your Suspicious Activity Detection and Reporting Program Financial institutions know that a sound suspicious activity detection and reporting system is one of the key pillars of self-protection. Yet years after SAR reporting duties took effect, deficient suspicious activity reporting practices continue appearing in enforcement actions and government reports. The U.S. Financial Crimes Enforcement Network last year cited incomplete information and poorly written narratives as the most common problems it finds in the hundreds of thousands of SARs it receives each year. How can institutions identify deficiencies in their programs? How can one achieve top quality SAR reporting? In this BDO Consulting Anti-Money Laundering Compliance Advisory and Forensics BDO Consulting’s Anti-Money Laundering Compliance Advisory and Forensics practice assists financial institutions and organizations by providing services designed to mitigate the risk associated with money laundering schemes. Our experienced AML professionals take a comprehensive approach to AML compliance consulting, understanding that each project is unique, and providing advice tailored to our clients’ specific needs. We offer a range of services encompassing AML compliance as well as regulatory requirements and industry standards. AML Risk Advisory International Investigations Regulatory Guidance For more information, please contact: Ralph M. Fatigate (212) 885-8368, rfatigate@bdo.com Susan J. Galli (305) 420-8027, sgalli@bdo.com www.bdoconsulting.com 32 Conference Program http://www.bdoconsulting.com http://www.bdoconsulting.com
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