New York, NY, April 19, 2016 --(PR.com
)-- The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, announced today that it has scheduled a live webcast entitled: Anti-Money Laundering: Practical Guidance for Managing Regulatory Compliance in 2016. This two-hour event is scheduled on May 4, 2016 at 3:00 PM - 5:00 PM ET.
The Federal Banking Agencies (FBA) continue to focus attention on enforcement of the Bank Secrecy Act (BSA) and U.S. Anti-Money Laundering (AML) laws. Concomitantly, banks and other financial institutions are facing new, complex, onerously challenging, and often contradictory regulatory, supervisory, auditory, and compliance challenges. BSA/AML enforcement by the FBAs and the Financial Crimes Enforcement Network (FinCEN) have increased dramatically to try and control the ever increasing flood of illegal activities.
For several years, financial institutions have understood the need to identify, mitigate, manage, and report potential or actual Anti-Money Laundering transactions undertaken through their organizations. Yet, the on-going global and national effort to combat money laundering is a never-ending battle against often ingenious white collar criminals, hoodlums, and dangerous gangs constantly trying to find new ways to cash in on their illegal activities. Hand in hand with the flood of illegal activities, the regulators have increased the frequency and severity of sanctions on individuals, companies, and organizations.
Yet, despite all the efforts and enormous expenditures of money and personnel, the battle is almost futile. The consequences of compliance failure can be devastating even to a large bank. For example, Banamex (Citicorp) was fined $140 million in California for not having enough 'qualified and knowledgeable' fraud and anti-money laundering staff! Rather than comply, Citigroup closed all branches in California and Texas. In 2012, HSBC payed almost $1.9 billion in fines for allegations of money laundering through its Mexican subsidiary. It is a far greater challenge for smaller financial institutions to monitor and mitigate money laundering and to comply with all the regulations of numerous agencies. Recently, two individuals set up a collectors club to launder money from 83 million cracked accounts of JPMorgan Chase via Bitcoin transactions done through a small New Jersey credit union that they took over.
FinCEN's 2014 advisory emphasizes their expectations that financial institution BSA/AML compliance programs will be robust and enforced. These include requiring the direct involvement of managers and directors; having sufficient qualified compliance staff and related resources; adequately sharing relevant compliance information; understanding and being compliant with BSA/AML reporting requirements; and using competent and independent testing of their BSA/AML compliance programs.
It behooves every individual in a financial institution to understand the need to combat money laundering. Central to this is the need to educate all staff, from senior executives to tellers and administrative staff, to understand and help identify or offset money laundering schemes and practices. Until such organizational education is performed and robust anti-money laundering policies and procedures are enforced, all financial institutions will face grave risks of litigation and sanctions; often with devastating consequences.
In this two-hour, live Webcast, a notable panel of highly experienced thought leaders and professionals assembled by The Knowledge Group will provide the audience with an in-depth overview of Anti-Money Laundering and provide Practical Guidance for Managing Regulatory Compliance. The speakers will review past and recent litigation and sanctions and recent developments in Anti-Money Laundering.
Key issues that will be covered are:
- Anti-Money Laundering (AML) - A Legal Primer
- Identifying Money-Laundering Schemes
- AML Enforcement and Compliance
- Recent Litigation Cases
- Recent Regulatory Developments
- Compliance Failures and Challenges
- Best Practices: Policies and Procedures
- Best Practices: Compliance
- Best Practices: Audits and Testing
CEO and President
Kathleen A. Nandan
Prof. William Byrnes
Assoc. Dean (Sp. Proj.)
Texas A&M University Law
For an updated list of the faculty panel, please visit:
About The Knowledge Group/The Knowledge Congress Live Webcast Series
The Knowledge Group brings together the world's leading authorities and industry participants through informative two-hour webcasts that study the impact of changing regulations and help businesses succeed through proper regulatory compliance.
Visit http://theknowledgegroup.org/ for further information and inquiry.