Money laundering is a global problem. It has changed throughout the years, but criminals still must find a means to clean the money. This involves a process with three different phases that conceal the audit trail and then make the money clean for use. The dirty money comes from different criminal sources including drug sales, theft, organized crime activities, embezzlement, bribery, and corruption.
Anti-money-laundering laws and regulations target criminal activities including market manipulation, trade in illegal goods, corruption of public funds, and tax evasion, as well as the methods that are used to conceal these crimes and the money derived from them. It’s up to financial institutions to monitor their customers’ deposits and other transactions to ensure they aren’t part of a money-laundering scheme.
During this webinar, we will go over the background and definition of AML, understand the different ways financial institutions need to stay compliant, and also, red flags that occur in everyday life.
Time: 11:00am-2:00pm EST
Date: May 1, 2024
Registration: Registration is per-participant
Agenda:
- Introduction to AML
- Background and definition
- Three stages of Money Laundering
- AML Compliance Program
- What is an AML Compliance Program?
- Know Your Customer (KYC)/Customer Due Diligence (CDD)
- Monitoring Transactions
- Policies and procedures
- Independent testing
- Training
- Associated AML Agencies & Acts
- Office of Foreign Assets Control (OFAC)
- Bank Secrecy Act (BSA)
- Financial Crimes Enforcement Network (FinCEN)
- Different types of red flags
- Transactions
- Customer accounts
- Nature of business
- Origination of Funds
- Regulatory implications
- Examinations
- Penalties
Audience: Compliance, risk management, legal, operations, and front office personnel
Join us for an exhilarating journey into the world of combating money laundering! Uncover the secrets behind criminal schemes, explore the evolving landscape of money laundering, and discover how financial institutions play a crucial role in maintaining compliance. Don’t miss out on this eye-opening seminar where we’ll delve into the intricacies of anti-money-laundering laws, decode the red flags, and empower you with the knowledge to safeguard against illicit financial activities. Enroll now and become a frontline defender against global financial crime!
Instructor
Justin Muscolino
Justin brings over 20 years of wide-ranging experience in compliance, training and regulation in the banking sector. Previously he served as Bank of China’s Head of Compliance Training, Macquarie Gr... read more.