Workshops

Workshop A:
2:30 PM – 4:00 PM         
Dissecting the Recent Major U.S. Justice Department ‘Deferred Prosecution Agreement’ and ‘Civil Money Laundering’ Cases for Their Vital Lessons in Good Compliance

Many of the recent serious actions against banks have been filed not by the regulatory agencies but by the U.S. Department of Justice from Washington or from various U.S. Attorneys’ offices around the nation. American Express Bank International, BankAtlantic in Florida, Union Bank of California, Lloyds TSB Bank, and Bank of Cyprus have suffered forfeitures or face serious lawsuits in which the consequences can be severe. Some of these legal actions have been filed on novel grounds that have few precedents. In some cases the amounts the Justice Department seeks are astronomical and run into nine figures.

In cases filed in New York City by the U.S. Attorney’s Office against the Bank of Cyprus, the government is seeking a judgment against the bank for $162,000,000. In the case filed against Lloyds TSB Bank, the U.S. Attorney’s office is seeking $130,000,000. 

In three “Deferred Prosecution Agreements” filed by the Justice Department, American Express Bank International, in Miami, paid $65,000,000, Union Bank of California paid $32,000,000 and BankAtlantic, in Florida, paid $10,000,000. 

How do these actions commence? How should an institution control the damage from these cases? What is on the horizon? How to gauge the impact on reputation?  Is there a way to mitigate the harm that these actions cause to an institution? What is the role of the regulatory agencies when the Department of Justice and an agency such as the Drug Enforcement Administration or the Federal Bureau of Investigation are the driving forces in the cases?  Is there any way to convince the Department of Justice that the actions against the financial institution should not be brought? 

These are some of the questions that institutions must ask now that the Department of Justice, after several years of relatively little activity in the AML field, emerges as a major player. In this crucial pre-conference workshop, you will hear from experts who understand these cases. They will guide you on how to deal with them and on the many aspects you must confront and deal with now.

 

Workshop B:
2:30 PM – 4:00 PM 
Core Training Part I: Money Laundering and the U.S. Requirements – The Operation and Global Application of the Bank Secrecy Act and Its Regulations

If you operate or do business in the United States, home of the most aggressive and punitive money laundering regulatory scheme in the world, you must know the regulations, how they affect you and how to comply.  This is true whether you work in banking, securities, money transmitting, mutual funds, insurance or a government agency.  If you do not know these regulatory duties, the consequences can be devastating.

This workshop is the first in a two-part series designed to help you understand the U.S. Bank Secrecy Act and its regulations, as amended by the USA Patriot Act.

Whether you are new to the money laundering field, or a veteran who needs a refresher of these important requirements, you should not miss this workshop. You will learn how the 76 BSA regulations - which cover the full range of 25 or so industries covered by the BSA - affect everything from currency transaction reporting to the required elements of customer identification and anti-money laundering programs. Here, you will receive expert guidance and instruction on what the United States regulations are, including those of the Office of Foreign Assets Control (OFAC), how they work and to whom they apply.  Acquire the basic know–how you need to effectively manage risks and safeguard your institution. Attend this workshop and learn how to keep your organization compliant and your career on an upward swing.  

Part II of this Core Training series will teach you how the potent U.S. criminal money laundering and forfeiture laws work and how they apply to you today.

 

4:00 – 4:30 PM          Refreshment Break

Workshop C:
4:30 PM – 6:00 PM
How You Can Deal Effectively With ‘Cover Payments’ to Avoid AML and OFAC Sanctions Risks

Recent enforcement actions highlight regulatory concerns about the use of cover payments by international financial institutions. Cover payments are funds transfers that involve two distinct payment message streams, which often do not identify the originator and beneficiary of the transfer in the payment order sent to correspondent banks involved in the payment. This practice exposes banks to the risk of unwittingly facilitating the international movement of money destined for illegal purposes or for the benefit of a person listed on a sanctions list of the European Union, OFAC or another body. The payments not only mask the involvement of sanctioned parties, but also prevent institutions from adequately monitoring for and reporting suspicious activity.

This pre-conference workshop explores, through the instruction of top experts, how institutions should manage the risks in cover payments and what information–gathering procedures they should use to minimize those risks.

 

Workshop D:
4:30 PM – 6:00 PM 
Core Training Part II: Money Laundering and the U.S. Requirements – The Money Laundering Laws and the Major Regulatory Enforcement Role of the U.S. Department of Justice

The U.S. money laundering laws are the most powerful and far-reaching in the world. Over the years since they were first enacted in 1986, the U.S. Congress has increased their coverage, reach and scope, making them the broadest and strongest money laundering laws worldwide. With "extraterritorial" provisions and court–imposed "willful blindness" doctrines, the laws represent the most lethal risk that you or your institution anywhere in the world can face.

The USA Patriot Act broadened the scope of the law to include a wider range of financial wrongdoing, including foreign public corruption proceeds and terrorist financing, as prosecutable offenses.  Knowing how these laws work is crucial to the success of the money laundering controls at your institution. It is surprising that many financial institutions do not cover the ins and outs of legislation in their AML training.

This workshop is your chance to remedy that training gap and to hear top experts teach you how the law works, how U.S. government investigators and prosecutors can use it against you and your institution, and how to avoid becoming the target of a criminal money laundering investigation. You will learn how these laws reach persons and transactions around the world and how the U.S. government can seize accounts, money and other property that are tied to the criminal activity.