Managing an Effective AML Compliance Program: 2-day In-Person Seminar

By: Laura H. Goldzung, President and Founder of AML Audit Services, LLC
Location :- Chicago, IL | Thursday, August 16, 2018 | Friday, August 17, 2018
“Managing an Effective AML Compliance Program” – This course is approved by NASBA (National Association of State Boards of Accountancy). Seminar attendees are eligible for 17 CPE credits upon completion of this workshop.

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Course Description:

Are the financial transactions within your organization subject to money laundering risk? Do you have a robust internal controls program that focuses on mitigating the greatest AML/Fraud risks? Are your employees aware of the red flags within all financial transaction business processes and know what to do if they find unusual or suspicious activity? Are your company and management are up to date on its compliance requirements and the potential impact of non-compliance?

Whether you need to get back-to-basics or you are a seasoned AML professional, join us as we explore the many facets of managing an effective AML compliance program: Join us as we focus on the following key elements:

  • Regulatory frameworks surrounding anti-money laundering
  • Objectives of an effective AML compliance program
  • Risk assessing your institution
  • Developing robust internal controls
  • Training for appropriate personnel
  • Expectations and duties of the appointed compliance officer
  • Effective audit program to ensure adequacy of your AML compliance program

Learning Objective:

Key goals of this course are:

  • To provide an understanding of money laundering and how it can impact an institution
  • To review the importance of “tone at the top” and how to implement a compliance-friendly environment
  • To learn about the critical internal controls and how these controls can protect your institution
  • The course will focus on the 4 pillars of an AML compliance program:
    • Policies, procedures and internal controls
    • Designation of a compliance officer
    • Training for appropriate personnel
    • Independent audit
  • To understand the importance of the risk assessment
  • To focus on the senior management/board of directors oversight of the Program
  • To discuss customer due diligence and know your customer expectations
  • To discuss knowing your high risk customers
  • To review implementation steps for enhanced customer due diligence
  • To discuss red flags indicating unusual or suspicious activity
  • To understand detection and reporting requirements under the Bank Secrecy Act
  • To discuss recent case studies

Who will Benefit:

BSA/AML Officers, Compliance Officers, AML Analysts, Operations Managers, Remittance Analysts, Consultants, Internal Auditors, Accounting and Finance Directors, Internal Auditors, Legal Departments, Compliance Officers, and Risk Managers at Banks, Broker-Dealers, Residential Mortgage Lenders & Originators, Precious Gems Traders, Money Services Businesses and other nonbank financial institutions.

  • Risk Management
  • Legal
  • Regulatory
  • Compliance
  • Audit

CPE-GRC

We are registered with and adhere to the Statement on Standards for Continuing Professional Education programs of the National Registry of CPE Sponsors. Our registration number is 109066. Please check with the governing body of your license and state for specific CPE requirements. Grievances may be forwarded to the company at 650 620 3961. Grievances may also be forwarded to the National Registry of CPE Sponsors-NASBA, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417, 615-880-4200, www.learningmarket.org, e-mail cpe@nasba.org.

Field of Study:

  • Administrative Practice: 1.2 Credits
  • Auditing: 0.6 Credit
  • Business Management & Organization: 7.8 Credits
  • Communications: 2 Credits
  • Computer Science: 1.8 Credits
  • Personnel/HR: 0.6 Credit
  • Social Environment of Business: 1 Credit
  • Specialized Knowledge and Applications:2 Credits
  • Total CPE credits earned in this seminar: 17 CPE Credits

Program Delivery Method: Group-Live
Program Level: Basic
Advance Preparation/Program Prerequisites: None

Course Outline:

Day One (8:30 AM – 5:00 PM)
Registration Process: 8:30 AM – 9:00 AM
Session Start Time: 9:00 AM

9.00 AM - 12.00 PM: Understanding the Basics (3 Hours)
  1. Money Laundering Basics
  2. Regulatory Overview
    1. U.S. Federal Regulating Agencies
    2. History of U.S. Money Laundering Regulation
    3. Bank Secrecy Act
    4. USA PATRIOT Act
    5. U.S. Federal Statutes
    6. Role of Regulators & Expectations
  3. The Four Pillars
    1. Policies, procedures & internal controls
    2. Appointment of Compliance Officer
    3. AML Training
    4. Independent Testing
  4. Oversight & Management
    1. “Tone at the Top”
    2. AML Governance
    3. Compliance Task Force
    4. Fostering Partnerships in LOBs
    12.00 - 1.00 PM: Lunch
    1.00 PM - 4.30 PM: Managing Money Laundering Risk (3.5 hours)
  5. Developing a Risk Assessment
    1. Identifying high risk activities in the institution
    2. Knowing your high risk customers
  6. Customer Identification Program (CIP)
    1. Conducting Customer Due Diligence (CDD)
    2. Enhanced Due Diligence (EDD)
    3. Know Your Customer (KYC)
  7. Office of Foreign Assets Control (OFAC) & Sanctions Programs
    1. Multinational Issues
    2. History of Economic Sanctions Programs
    3. Screening tools
    4. Hits – Blocking & Rejecting
    5. OFAC Risk Assessments
    6. OFAC Reporting & Documentation
    7. Enforcement Guidelines
Day Two (8:30 AM – 4:30 PM)
8.30 AM - 8.35 AM: Welcome & Recap of Previous Topics
8.35 AM- 10.35 AM: Monitoring & Reporting of Suspicious Activities (2 Hours)
  1. Transaction Monitoring
    1. Manual Vs. Automated
    2. Managing & Fine Tuning Alerts
  2. Investigate Protocols
    1. Defining Suspicious Activity
    2. Escalation & Referrals
    3. Case Management
  3. Reporting & Recordkeeping
    1. CTR & CTR Exemptions
    2. CMIR
    3. Travel Rule / Funds Transfers
    4. Monetary Instruments
    5. FBAR
    6. Form 8300
    7. SARs
    10.35 - 11.15 PM: Repercussions (40-Minutes)
  4. Failure to Comply
    1. Criminal & Civil Penalties
    2. Common Deficiencies Causing Enforcement
    11.15-12.00 PM: Case Studies (45-Minutes)
  5. Case Studies
    1. What Went Wrong?
    2. Contrast & Compare
12.00 PM - 12.45 PM: Lunch
1.00 PM - 1.45 PM: Issues & Answers: Open Discussion (45-Minutes)
1.45 PM - 4.15 PM: Workshop & Exercises (150 minutes)
4.15 PM - 4.30 PM: Wrap Up

Meet Your Instructor

Laura Goldzung
Laura H. Goldzung
President and Founder of AML Audit Services, LLC

Laura H. Goldzung is President and Founder of AML Audit Services, LLC, an anti-money laundering and fraud consultancy specializing in independent testing and compliance consulting services to financial and nonbank financial institutions. Mrs. Goldzung’s expertise include domestic and international training, design and development of BSA/AML compliance programs, risk assessment and analysis, remediation and corrective action programs, expert witness testimony, and CFPB compliance benchmark assessments. She has worked with institutions that have been referred to enforcement for BSA/AML violations, helping them to bring their AML programs into compliance.

In her more than 25 year career in the financial services industry, she has worked in a variety of executive roles, most notably as vice president and managing director at the Securities Industry Association where she assisted member-firms in coordinating the implementation of the Patriot Act and the development of AML training. In prior years, she served in executive management roles in the broker-dealer sector.

Operating from offices in the historic Morristown, New Jersey area, she serves as an industry arbitrator for FINRA Dispute Resolution and is active with several industry groups including the Association of Certified AML Specialists, SIFMA’s Compliance & Legal and Internal Audit Societies, Association of Certified Fraud Examiners, National Society of Compliance Professionals, to name a few. She services on a variety of industry task forces and committees, and is faculty for a number of industry education programs. She is a frequent speaker and contributor on the topic of anti-money laundering and fraud.

Venue

Location :
Chicago, IL(Venue to be announced shortly)

August 16-17, 2018
Register Online

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$899

Seminar One Registration

August 16-17, 2018, Chicago, IL
(Registrations till July 25, 2018 - $899)
(Registrations after July 25, 2018 - $1299)

Early bird seats are limited and based on first-come, first-serve.

The registration fee includes: the workshop; all related course materials; morning tea/coffee; lunch; Afternoon tea/coffee on both the days.
For discounts on multiple registrations, contact customer care at +1-1-888-771-6965.

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Written cancellations through fax or email (from the person who has registered for this conference) received at least 10 calendar days prior to the start date of the event will receive a refund — less a $300 administration fee. No cancellations will be accepted — nor refunds issued — within 10 calendar days from the start date of the event.

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Testimonials

All topics were valuable. Laura was an excellent presenter. She has lot of excellent practical job experience in AML and gave good real life examples from her own experience. I learned a lot! Very nice portfolio and pen provided. Also the presentation on thumb drive was nice one. I appreciate the variety of courses (On-line & In- Person) provided by GRC Seminars.
- Senior Auditor, Federal Reserve Bank of Atlanta

The presenter was very knowledgeable with the topic. Risk assessment topic was very valuable because it is the cornerstone of an effective AML program.
- Audit Manager, American International Group

The presenter was excellent session leader, very knowledgeable and well-spoken. The topic was well chosen and interaction between the participants and the presenter was good.
- Assistant Treasurer, Cumberland Gulf Group of Companies

The presenter was very knowledgeable and subjects were well chosen.
- AML/BSA/OFAC Officer, GE Capital Retail Bank

Overall it was good seminar. The topic AML monitoring was very valuable as it pertains to my job function.
- Senior BSA/AML Analyst, AVP, Texas Capital Bank

The presenter was knowledgeable. The topic on Oversight & Management was most valuable; it gave me a big picture.
- Branch Manager, Bank of China, Chicago Branch

It was good seminar. The topic on reporting forms was most valuable.
- Deputy Chief Compliance Officer, American International Group

It was a good baseline. All topics were very valuable and informative.
- Senior Product Manager, ACI Worldwide

The presenter was very knowledgeable. Understanding the basic topic was very informative.
- Lead - Business Risk & Fraud Analyst, Federal Reserve Bank

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Local Attractions of Chicago, IL:

Windy
One of the more breathtaking scenes on the lake is this tall ship approaching the docks at Navy Pier. The 148-foot four-masted schooner (and its new sister ship, the Windy II ) sets sail for 90-minute cruises two to five times a day, both day and evening. (Because the boats are sometimes booked by groups, the schedule changes each week; call first to confirm sailing times). The boats are at the whims of the wind, so every cruise charts a different course. Passengers are welcome to help raise and trim the sails and occasionally take turns at the ship's helm (with the captain standing close by). The boats are not accessible for people with disabilities.

Adler Planetarium and Astronomy Museum
The building may be historic (it was the first planetarium in the Western Hemisphere), but some of the attractions here will captivate the most jaded video-game addict.
Your first stop should be the modern Sky Pavilion, where the don't-miss experience is the StarRider Theater. Settle down under the massive dome, and you'll take a half-hour interactive virtual-reality trip through the Milky Way and into deep space, featuring a computer-generated 3-D-graphics projection system and controls in the armrest of each seat. Six high-resolution video projectors form a seamless image above your head -- you'll feel as if you're literally floating in space. If you're looking for more entertainment, the Sky Theater shows movies with an astronomical bent; recent shows have included Secrets of Saturn and Mars Now!

Arlington International Racecourse
With its gleaming-white, palatial, six-story grandstand and lush gardens, this racecourse is one of the most beautiful showcases for thoroughbred horse racing in the world. Its storied history stretches back to 1927, and such equine stars as Citation, Secretariat, and Cigar have graced the track. The annual Arlington Million (the sport's first million-dollar race, held in mid-Aug) attracts top jockeys, trainers, and horses and is part of the World Series Racing Championship, which includes the Breeders Cup races. Arlington's race days are thrilling to behold, with all of racing's time-honored pageantry on display -- from the bugler in traditional dress to the parade of jockeys.
Art Institute of Chicago
You can't -- and shouldn't -- miss the Art Institute. (You really have no excuse, since it's conveniently located right on Michigan Ave. in the heart of downtown.) No matter what medium or century interests you, the Art Institute has something in its collection to fit the bill. Japanese ukiyo-e prints, ancient Egyptian bronzes, Greek vases, 19th-century British photography, masterpieces by most of the greatest names in 20th-century sculpture, and modern American textiles are just some of the works on display, but for a general overview of the museum's collection, take the free "Highlights of the Art Institute" tour Saturday and Sunday.

Auditorium Building and Theatre
A truly grand theater with historic-landmark status, the Auditorium gives visitors a taste of late-19th-century Chicago opulence. Because it's still a working theater -- not a museum -- it's not always open to the public during the day; to make sure you'll get in, schedule a guided tour, which are offered on Mondays at 10am and noon.
Designed and built in 1889 by Louis Sullivan and Dankmar Adler, the 4,000-seat Auditorium was a wonder of the world: the heaviest (110,000 tons) and most massive modern edifice on earth, the most fireproof building ever constructed, and the tallest building in Chicago. It was also the first large-scale building to be lit by electricity, and its theater was the first in the country to install air-conditioning. Originally the home of the Chicago Opera Company, Sullivan and Adler's masterpiece is defined by powerful arches lit by thousands of bulbs and features Sullivan's trademark ornamentation -- in this case, elaborate golden stenciling and gold plaster medallions. It's equally renowned for otherworldly acoustics and unobstructed sightlines.