AML Basics, Current Issues and the New CDD Requirements
OVERVIEW 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 the 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. WHY SHOULD YOU ATTEND Many people with AML responsibilities willwork with only a few confirmed cases in money laundering in their career . Few will setup or substantially redesign more than one AML program. Jim’s work has included projects in AML investigation, AML prevention, AML regulatory compliance, and detection system...