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AML High-Risk Transactions - Identify, Manage, Resolve
- We will discuss each of the characteristics which can cause a transaction to be considered high-risk.
- For each, we will discuss wherein the bank’s organization each type of work will need to be performed
- We will identify key places in the workflow where communication to other areas is necessary and why there have been failures at this in the past.
- We will discuss the unique risk components of international correspondent transactions and accounts
- We will look at techniques for controlling and managing high-risk transactions
- We will discuss each of the end results that may occur:
- Weighing analytical engines
- Special reviews
- SAR
- End the customer relationship
- Section 314(b) sharing with other institutions.
Overview of the webinar
AML Software is widely installed to identify specific patterns and “unusual” transactions. But the launderers know this and are constantly striving to create new patterns where their transactions are designed not to be flagged. Like in a game of chess, the advantage goes to the side that thinks the most moves ahead.
There are areas identified as high-risk. Many banks identify specific accounts as high-risk but fail to provide additional scrutiny to those accounts or fail to link the risk rankings to the processing of its AML software.
Banks are at great risk when performing international correspondent processing. They are at risk to decisions their partner banks control and customers of those banks. But their responsibilities to comply with AML requirements remain in place.
Who should attend?
- Retail Banking Leaders
- Corporate and International Banking leaders
- Risk and Compliance Officers
- AML and Financial Crimes Departments
Why should you attend?
Money laundering continues to be a national concern. High levels of drug-related activity and violence have drawn additional attention. Terrorist activities need to be considered as well. Perpetrators have adapted to banks’ efforts so banks cannot combat money laundering with yesterday’s methods. Software is widely installed to identify specific patterns and “unusual” transactions. But the launderers know this and are constantly striving to create new patterns where their transactions are designed not to be flagged. Like in a game of chess, the advantage goes to the side that thinks the most moves ahead. This topic focuses on the highest risk transactions and customers
Faculty - Mr.Jim George
Jim George is an independent consultant to banks focusing on issues of fraud. He brings over 25 years as a consultant to major banks in Associate Partner and Principal roles at PriceWaterhouse-Coopers Consulting, IBM Consulting in Bank Risk and Compliance and Andersen Consulting (now Accenture). He has also been SVP Operations for a Fortis-US division providing outsourcing services to the banking industry.
Jim's work has included projects in fraud investigation, fraud prevention, identity issues, compliance and AML (anti-money laundering). His background includes work in bank operations and payments strategy, reengineering, systems and quality improvement.