The cost of non-compliance with regulatory BSA/AML standards within organizations has been great. Organizations have suffered irreparable reputational damage and have had to pay exorbitant regulatory fines in the millions for failing to implement and maintain strong compliance programs. It would be prudent to ensure your organization’s compliance program is effective and it is tailor-made in light of the key risk factors within your organization.
This seminar will provide an overview of the importance of the risk based approach in implementing and maintaining an enterprise wide compliance program.
This two day interactive workshop will also provide attendees:
- The basis of the risk based approach and the essential elements of an effective risk assessment.
- Transaction monitoring guidance, suspicious activity guidelines and independent testing techniques which would assist attendees in improving their companies overall compliance program.
- A detailed review of enforcement action case studies and how these could have been prevented
- Key internal controls that can help prevent and detect money laundering and terrorist financing
- Best practice tools on how to implement and maintain an enterprise wide Risk Based Approach (RBA) compliance program within your organization
- RBA Toolkit that will assist attendees to implement and maintain an effective enterprise wide compliance program
This seminar will provide you answers to some of the most common challenges relating to compliance programs:
- Are you struggling with the implementation and maintenance of an effective risk based enterprise wide compliance program?
- Are you looking to improve the efficiency and effectiveness of your compliance program in light of limited resources?
- Would you like to ensure that your company operates an effective AML/CFT program which meets or exceeds regulatory expectations and industry best practice standards?
- Are your employees trained to critically identify and assess the impact new products and services will have on their overall risk assessment?
- Is your company aware of its regulatory obligations and the potential impact of non-compliance?
Key goals of this course are:
- To provide an understanding of the key elements of a risk based approach
- To effectively mitigate the money laundering and other financial crime risk within your organization
- To meet/exceed regulatory expectations and to ensure the organization is prepared to manage vulnerabilities of money laundering and other financial crimes
- To understand the holistic nature of the risk assessment which takes into account all business lines of the organization
- The course will focus on the following key aspects of an enterprise wide compliance program:
- Policies and Procedures
- Customer Due Diligence
- Transaction monitoring guidance
- Suspicious Activity Reporting guidelines
- Ongoing Due Diligence
- Adequate training
- Independent testing techniques
- Senior Management Oversight
- To focus on the key internal controls that can detect and prevent money laundering and other financial crime
- To discuss key case studies and how enforcement actions could have been prevented
- The Foreign Corrupt Practices Act (FCPA)
- The Office of Foreign Assets Controls (OFAC)
- Bank Secrecy Act (BSA)
- To review the key concepts and implementation steps of a risk based approach enterprise wide compliance program
Who will Benefit:
- Internal Auditors
- Legal Department Personnel
- Compliance Officers
- Money Laundering Prevention Officers
- Compliance Consultants
- Risk Managers
As per the FATF’s revised 40 recommendations on anti-money laundering and combating the financing of terrorism, it recommends the adoption of a risk based approach which allows financial institutions and other designated sectors to apply their resources more effectively by focusing on higher risk areas while having more flexibility for simplified measures to be applied in low risk areas.