New and emerging risks, heightened terrorist threats — Authorities are going on the offensive against money laundering and terrorism financing with tighter regulations. Can you adopt risk assessment approaches that balance business growth and regulatory compliance? Do you know how to assign risk ratings for quantitative and qualitative information? Can you ensure controls commensurate with actual risks?
Hear Industry Best Practices to Assess ML/TF Risks, Meet Regulatory Expectations
Join this 2-day practical workshop to acquire proactive, risk-based strategies to maximise your AML/CFT programme effectiveness. Find out regulators’ expectations on the assessment of critical customer, product and geographic risks with proper scoring and risk rating. Gain insights into how companies determine the threshold for AML compliance and implement robust controls to manage high risk customers and products. Examine grey areas in carrying out Know Your Customer (KYC), sanctions screening and transactions monitoring to avoid compliance pitfalls.
- Identifying critical ML/TF risks
- Proactive ML/TF risk assessment
- Robust controls to manage ML/TF risks
- Continuous monitoring of ML/TF risks
- How to be audit ready: Latest regulatory updates
Benefits of Attending
- Acquire Key Risk Indicators (KRI) to detect red flags in customer behaviour, transaction monitoring
- Learn how to use data analytics to identify critical high-risk targets and geographical areas
- Find out how to identify ML risks in trade-base finance and correspondent banking
- Takeaway balanced cost-benefit approaches and effective templates for AML risk assessment
- Learn the drivers and key attributes for measuring and prioritising financial crime risks
- Identify gaps and hotspots in current AML/CFT policies, procedures and processes
- Discover how to quantify qualitative information with proper risk scoring, matrices and methods
- Review enterprise-wide inherent risk, control effectiveness and residual risk
- Define the acceptable level of risk and controls needed for your organisation
- Pick up key attributes when developing a comprehensive AML compliance framework
- Uncover the critical elements to building a strong compliance culture
- Evaluate the systems and solutions available to automate transaction monitoring
- Analyse representative transaction monitoring scenarios and the alert management process
- Examine regulatory developments in Asia and future updates to look out for
- Find out the impact of FATF standards on financial and non-financial institutions
Alma Angotti is a Managing Director in the Global Investigations & Compliance practice. A widely recognized anti-money laundering (“AML”) expert, she has trained and advised the financial services industry as well as other regulators and government officials worldwide on AML and combating the financing of terrorism (“CFT”) compliance. Ms. Angotti has an extensive background as an enforcement attorney conducting investigations and litigating a variety of enforcement actions.
Ms. Angotti has counseled her clients, large global financial institutions as well as regional institutions, in a variety of projects, including gap analyses, compliance program reviews, risk assessments, remediation efforts, and transaction reviews. Recently, Alma held interim senior AML compliance leadership positions at several global and regional financial institutions providing day-to-day management of their compliance programs and assisting them with implementing enhancements, often in the context of a regulatory or criminal enforcement action.
With over 25 years of regulatory practice, Ms. Angotti has held senior enforcement positions at the SEC, Treasury’s Financial Crimes Enforcement Network (“FinCEN”) and the Financial Industry Regulatory Authority (“FINRA”). At FINRA, Ms. Angotti served as a Regulatory Expert for Anti-Money Laundering and had primary responsibility for FINRA’s anti-money laundering policy and its enforcement of the Bank Secrecy Act and FINRA and SEC AML rules.
Ms. Angotti joined FinCEN to design, implement and lead the agency’s Bank Secrecy Act enforcement program. She brought enforcement actions against many different types of financial institutions subject to FinCEN’s jurisdiction, including Riggs National Bank, Western Union, Korea Exchange Bank and several casinos. She also drafted proposed and final anti-money laundering regulations for securities broker-dealers, banks, hedge funds and investment advisors. Prior to joining FinCEN, Ms. Angotti investigated and prosecuted a variety of civil enforcement actions as a Senior Counsel in the Division of Enforcement of the SEC, including matters alleging insider trading and financial and accounting fraud. In the Division’s Office of Chief Counsel, she was responsible for a wide range of policy matters and advised SEC regional staff on enforcement actions and settlements prior to submission to the Commission for approval.
Tim O’Neal Lorah is a Managing Director with Navigant’s Global Investigations and Compliance Practice, specializing in anti-money laundering (“AML”), economic sanctions, anti-boycott and corruption and financial crime compliance.
Tim O’Neal Lorah has over 18 years of experience in the financial crime compliance arena, having served as a Managing Director and Global Head of Anti-Money Laundering and Financial Crime Compliance at both Morgan Stanley and Barclays (as CF11). In his in-house roles, Mr. Lorah led the strategic direction, oversight and coordination of the global financial crime compliance program across all product and business lines, including retail, business, corporate and investment banking, institutional securities/capital markets, private wealth management and retail brokerage services. He also served as the senior point-of-contact with U.S. and non-U.S. regulatory agencies, law enforcement and external bodies worldwide on matters relating to anti-money laundering, economic sanctions, anti-bribery and corruption and financial crime compliance. At both institutions, Mr. Lorah led various initiatives to strengthen corporate culture, including a redesign of the banks’ internal code of conduct.
Before going in-house, Mr. Lorah was a Senior Associate at Schulte Roth & Zabel LLP where he advised financial institutions on various matters relating to Bank Secrecy Act/USA PATRIOT Act and sanctions compliance, including the development and implementation of money laundering prevention policies, procedures and internal controls, and suspicious activity reporting. He also represented financial institutions and individuals in regulatory enforcement matters before various state and federal authorities, including the self-regulatory organizations and the securities and banking supervisory agencies.
Tim was a member of the U.S. Delegation to the FATF/MONEYVAL Experts’ Meeting on Money Laundering and Terrorist Financing Typologies in Monaco, delivering a presentation on Money Laundering and Terrorist Financing Risks in the securities industry. He also served as a member of the U.S. Delegation to the U.S. – Dutch Pilot Project Joint Working Group on Terrorist Financing, Financial Crimes and the Implementation of Blocking Orders. He is a former securities industry representative to the U.S. Treasury Department’s Bank Secrecy Act Advisory Group (BSAAG), and for several terms co-chaired the BSAAG Subcommittee on Suspicious Activity Reporting.
Mr. Lorah has been an adjunct professor of law at New York Law School where he taught “Bank Secrecy Act and Anti-Money Laundering Regulation” as part of the law school’s Financial Services Law LLM degree program. He has co-authored various publications and frequently speaks on AML/Financial Crime Compliance topics at various symposiums and conferences. Tim is a former co-chair of SIFMA’s AML and Financial Crimes Committee and currently serves as a Director on the Boards of both the New York City Times Square Alliance and Bailey House.
Who Should Attend
Senior level executives from Compliance, Risk, Audit, Finance and Legal responsible for AML/CFT compliance from Financial Institutions including Authorised Institutions, Licensed Corporations and Designated Non-Financial Businesses and Professions (DNFBPs)
Session 1: Identifying Critical ML/TF Risks
- Customer, product/service, geographic risks – How to identify critical institutional risks?
- Key risk indicators: Identifying red flags in customer profile/behaviour, transaction monitoring
- Identifying variables and high risk circumstances that may impact the severity of ML/TF risks
- Using data analytics to identify critical high-risk targets and geographical areas
- How to identify ML risks in trade-base finance and correspondent banking
Session 2: Proactive ML/TF Risk Assessment
- Key considerations in assessing customer, products, services and tax crime risks
- Balanced cost-benefit approaches to AML risk assessment
- Effective templates for risk assessments
- Gathering the relevant information for an effective AML assessment
- Drivers and key attributes for measuring and prioritising financial crime risks
- Identifying gaps and hotspots in current AML/CFT policies, procedures and processes
- How to quantify qualitative information with proper risk scoring, matrices and methodologies
- Meeting regulator’s expectations of risk assessment documentation (including risk scorecards)
- Reviewing enterprise-wide inherent risk, control effectiveness and residual risk
Session 3: Robust Controls to Manage ML/TF Risks
- Defining the acceptable level of risk and controls needed
- Industry best practices to control for high risk customers and products
- Best practices and pitfalls to avoid in the application of controls in a risk-based approach including:
- Know Your Customer (KYC) / Customer Due Diligence (CDD)
- Enhanced CDD
- Sanctions Screening
- Transactions Monitoring
- Suspicious Transaction Reporting
- How to test control effectiveness and maintain the robustness of controls?
- Key attributes to consider when developing a comprehensive AML compliance framework
- How to balance between AML/CFT compliance and business objectives
- Critical elements to building a strong compliance culture
Session 4: Continuous Monitoring of ML/TF Risks
- Understanding the primary purpose of transaction monitoring
- General transaction monitoring considerations
- Systems/solutions available to automate transaction monitoring
- Representative transaction monitoring scenarios
- Examining the transaction monitoring alert management process
- How to improve transaction monitoring efficiency
Session 5: How to Be Audit Ready – Latest Developments & Regulatory Updates
- Examining key regulatory developments in Asia
- What do regulators in Asia expect of financial institutions and non-financial businesses?
- Analysing compliance issues and grey areas in the application of AML/CFT laws
- FATF standards review – What’s the impact on financial institutions and non-financial businesses?
- Key takeaways from other countries’ (including Taiwan and China) AML regulatory framework
- Future AML/CFT regulatory updates to look out for