AML Compliance and FinCEN updates and its implications

OVERVIEW:

The Webinar will discuss the current changes in the marketplace and expose the new faces of AML and examine areas of Politically Exposed People (PEPs) regulation that pose present and future challenges for regulated businesses.

Two areas of significant interest are to know your customer (KYC compliance) procedures – which involve customer acceptance, identification, and verification policies and the risk profiling of clients – and sanctions filtering, which involves filtering customers and counterparties against government sanctions lists, suspected terrorists, narcotics traffickers, and designated financial institutions and territories.

WHY SHOULD YOU ATTEND:

Reports published in the Panama Papers on the secretive industry that banks and lawyers use to hide the financial holdings of some of the world’s top leaders and billionaires brought a powerful global response. The documents expose the offshore holdings of 12 current and former world leaders, associates of Presidents and high profile individuals. In principle, there is nothing wrong with doing business with a Politically Exposed Person (PEP), provided that a number of due diligence criteria are met on an ongoing basis.

This increased scrutiny has resulted in a recent spike in the number of companies getting, exposed, fined for sanctions breaches, which clearly indicates the need for banks to re-evaluate their existing bank secrecy act compliance programs to ensure that they provide maximum protection from increased regulatory scrutiny and serious risk.

AREAS COVERED IN THIS WEBINAR:

• BSA/AML Compliance Management
• The key pillars of an AML regulations
• Sanctions Screening / PEP Screening
• Knowing your customer (KYC)
• Beneficial Owners
• FinCEN Compliance
• Proper identification of your clients and vendors
• How digitization has changed movement of money
• AML Compliance and Digital Currencies
• Monitoring, investigating and reporting suspicious transactions
• Training staff to recognize suspicious transactions and to be aware of their reporting obligations

LEARNING OBJECTIVES:

• Learning the role and responsibility of an efficient well rounded AML program
• Get and in depth look at money services business transaction monitoring and recognizing red flags
• Understand the key regulations and best practices in building an effective AML program

WHO WILL BENEFIT:

• Compliance Managers & Officers
• Risk Managers and Officers
• Controllers
• Presidents / Vice Presidents
• Managers / Supervisors
• Independent Sales Organizations
• CFOs and Presidents of Payment Service Providers

SPEAKER PROFILE:

Armen Khachadourian is the Founder and President of Digital Payments Inc, a consulting firm providing advisory services in the areas of merchant processing, BSA/AML Best practices and guidelines, ISO/MSP formation, merchant portfolio and acquiring acquisitions, prepaid and alternative payment products.

Armen has also served in executive positions at several top ten financial institutions and helped them maximize growth and revenues in today’s challenging electronic payments marketplace. As a Vice President of JPMorgan Chase’s Prepaid Product in Treasury Services he was responsible for designing and launching prepaid cards in the EU market. As a Senior Vice President at Visa USA, he expanded Card acceptance to new markets.

Others Details

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