Money Laundering 2008 - (Page 35) Wednesday, March 19 8:00 AM–1:00 PM 8:00 AM–9:00 AM 9:00 AM–10:15 AM Registration Desk Open Continental Breakfast in Exhibition Hall Has the Risk-Based Approach Begun to Outlive its Usefulness and Is It Effective? The risk-based approach to money laundering controls has gained traction globally in recent years. Last year, the Financial Action Task Force issued guidance co-written by this session’s moderator, Rick Small. The European Union adopted the approach in its Third Money Laundering Directive. The most recent ey interagency U.S. Examination Manual expanded coverage of the risk-based approach age to AML controls. Financial institutions agree that the approach is effective in combating money laundering. But, with the number of specific rules that institutions must follow and with regulators who sometimes appear etimes more concerned about ‘check-the-box’ compliance than effective an overall controls, can a risk-based approach work? Should inould stitutions apply a risk-based process or adopt a rules-based -based approach? In this lively session, top experts show how to w It is a must attend, if you balance the two approaches and what to do for maximum um wish to maintain well protection of your organization in assessing money launninformed, be there, dering risks. “ don’t miss it! Panelists: Lisa Arquette, Hal Crawford, Brian Ferrell, William Langford Moderator: Rick Small Maria R. Croes Caribbean Mercantile Bank NV Oranjestad, Aruba ” 10:15 AM–10:45 AM Refreshment Break in Exhibition Hall 10:45 AM–12:00 PM The Growing Influence of OFAC, EU and UN Sanctions Programs and the Best Practices You Should Adopt for Compliance Excellence Compliance with the regulations of the U.S. Office of Foreign Assets Control and the sanctions lists of the European Union and the United Nations has risen recently in visibility and importance as the world attempts to choke off terrorist funding and the movement of drug trafficking billions. The sanctions lists of OFAC, the European Union and the United Nations are not identical; nor are the procedures for inclusion of names of persons or organizations identical for the three lists. What are the best practices for complying with OFAC and other sanctions programs? What employee training programs will improve compliance with OFAC and other sanctions programs? Are there non-commercial sources of information that provide compliance help? What lessons can be learned from enforcement actions against financial institutions for OFAC violations? In this panel, experts help answer these questions and guide you on best practices in the sensitive field of OFAC and sanctions compliance. Panelists: David Bagley, Hank Grant, Tom Haider, Tim White Moderator: Charles Intriago 12:00 PM–12:15 PM Closing Remarks Conference Program 35
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