Money Laundering 2008 - (Page 34) 4:00 PM–4:30 PM Refreshment Break in Exhibition Hall Courtesy of Cellent Finance Solutions AG Concurrent Sessions by Track Effective Due Diligence Strategies for High-Risk Customers, Accounts and Products Applying the correct level of due diligence to customers, accounts and products is crucial to avoiding running unnecessary risks. Politically exposed persons, offshore accounts and certain products such as prepaid cards are considered high-risk. Before doing business with them, institutions must determine the level of due diligence they should apply and the steps they should take to scrutinize these customers, accounts and products. Determining the type and frequency of due diligence can be confusing and costly, especially if the institution is dealing with products, customers or transactions that do not fit into classical definitions of high-risk. Here, you will learn how to determine what level of due diligence the riskier areas of your business require and how to scrutinize and monitor them to protect your institution. Panelists: Jane Ogden, Jack Sonnenschein, Laura Stuber Moderator: Charles Intriago 4:30 PM–5:30 PM Building a Top Quality Insurance AML Training Program for Employees and Agents For U.S. insurance companies the ongoing training requirement that is part of their anti-money laundering program duties poses a unique challenge. Under the Bank Secrecy Act regulations, they must train their employees and also the independent agents and brokers that sell and distribute their products. Insurance companies have struggled with finding the best method of providing independent agents with AML training while not losing their patronage. What best practices have emerged in the AML training field for life insurers and the independent agents? What is effective training for the agents? What should the content of the training be? How does a company verify that agents have been trained? Here, industry experts show you how to construct and administer a successful insurance AML training program. Panelists: Brian Ferrell, Lisa Tate, David Tilzer Moderator: Martin Feuer Tailoring Your AML Audit Program to Meet the Needs of Your Institution and Satisfy Regulators The independent audit process required by the U.S. and most national AML regimes can shed much light on the money laundering preparedness of an institution and how well it is fulfilling regulatory and internal requirements. An independent source can help the institution determine whether it is performing as required by regulation and as the institution envisioned. To have a successful audit program the institution must meet its risk management needs and the concerns of the examiners. What are the key ingredients to do this? How do you set the scope of your audit program? How do you test program design versus effectiveness? In this panel, experts will teach you what the key elements of a successful audit program are and how to tailor it to adequately meet the needs of your institution. Panelists: Alan Abel, Hany Abou-El-Fotouh, John Atkinson Moderator: William Langford 5:45 PM–7:00 PM Beachside Cocktail Reception Courtesy of Mantas Association of Certified Anti-Money Laundering Specialists (ACAMS) Reception 7:00 PM–8:00 PM 34 Conference Program
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