Course Description:
This course will highlight the need for all businesses to protect their personal information along with their customers’ personal information. This protection has to begin internally and move to external responsibilities while continuously updating policies and procedures to stay one step ahead of criminal organizations.
The first day of this course will introduce participants to the world of personal identity theft and business identity theft highlighting how the theft is orchestrated, the methods utilized, and the types of criminal enterprises operating these schemes. The second day of the course will focus on the methods of money laundering and how these criminal enterprises move their criminal proceeds through financial institutions. The course will also discuss prevention and detection methods from both the business’ perspective and from a financial institution’s perspective.
Some of the key areas covered in the seminar are:
- Detailed look into both personal identity theft and business identity theft
- Description of the types of criminal organizations that rely on identity theft to survive
- Current methods used to obtain identities from individuals and businesses
- Current methods and trends utilized by criminal enterprises to convert identities to cash
- Overview of how money laundering is conducted and utilized by organized crime
- Common schemes utilized to move illegal funds through financial institutions
- Red flags for internal investigators and compliance officers to detect money laundering
- Internal and external prevention methods to protect the theft of identities
- Detection methods that should be incorporated into your company’s current policies
- Multiple case studies highlighting methods to identity theft and money laundering
Learning Objectives:
- Highlight the current methods and trends utilized by criminals and criminal enterprises to acquire personal and business identities and how they turn these identities into funds to operate their criminal organizations.
- The course will incorporate the analysis of multiple case studies detailing methods of prevention, detection and investigation to protect both your customer’s identity and your company’s identity along with your company’s reputation.
Who Will Benefit:
- Accountants tracing personal or business assets
- Corporate investigators investigating internal theft
- Management personnel
- Frontline employees
- Financial institution branch managers
- Law enforcement
- Small business owners
- Compliance officers
- Internal auditors
- Forensic auditors and accountants
- Certified Fraud Examiners (CFEs)
- Certified Anti-Money Laundering Specialists (CAMS)
Topic Background:
According to a report released in November 2014 by the National Consortium for the Study of Terrorism and Responses to Terrorism titled, “Financial Crime and Material Support Schemes Linked to al-Qa’ida and Affiliated Movements in the United States: 1990 to June 2014,” research indicated that identity theft was one of the top schemes used to raise funds for their organizations. The report continues by stating, “The techniques used to carry out these schemes included stealing, selling, or using other people’s identities (names and social security numbers) and credit card numbers; falsifying documents for government assistance, bank loans, or insurance claims; passing bank checks with inadequate funds or false accounts; and attempting to disguise money derived from criminal operations as legitimate.”
This report pinpoints the reason for continued education on the methods and trends to identity theft from enterprises ranging from small businesses to large corporations. The scope for internal and external theft exists in access to information ranging from customer’s personal information to company credit card accounts and banking information. The impact this can have on an individual and a company can lead to years of financial heartache trying to repair the damages induced by these criminal enterprises.
