ComplianceOnline

BSA/ AML - Following the Money, the Difference between Money Laundering and Terrorist Financing and How to Combat Both

Instructor: Jason Simpson
Product ID: 703055
  • Duration: 60 Min

recorded version

$149.00
1x Person - Unlimited viewing for 6 Months
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Recorded Link and Ref. material will be available in My CO Section

Training CD

$199.00
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CD and Ref. material will be shipped within 15 business days

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This AML training will provide you the tools to identify the differences between money laundering and terrorist financing and how to protect your financial institute against potential criminal activity. It will also highlight the complexities of modern day proactive compliance departments.

Why Should You Attend:

Since the criminalization of money laundering and the creation of Bank Secrecy Act (BSA) provisions, along with the more recent USA Patriot Act, banks have been preventing, identifying and developing ways to stop criminal activity from flowing through their doors. Yet, usually, financial criminals are one step ahead in their schemes and processes compared to governments or banks. How do you combat against what you do not know? How can you prevent something if you are not looking in the right direction?

This webinar highlights the complexities of modern day proactive compliance departments. This course will examine the differences between the confusing and often misapplied terms money laundering (ML) and terrorist financing (TF). Although the crimes independent of each other can be used in conjunction, their concepts, efforts and typologies are different. This course will identify those differences, show how to detect similar cases and ultimately how to protect and defend against these different crimes.

Areas Covered in the Webinar:

  • Truly define the terms and crimes of Money Laundering and Terrorist Financing
  • Explain how other financial crimes can be part of the ML or TF scheme
  • Identifying typologies and concepts of each crime
  • Defining a Proactive Compliance Department for;
    • Data analysis
    • Resource development and training
    • Monitoring systems and parameters
    • Identifying the attempted or committed crime
    • Reporting
    • Becoming proactive and not reactive
    • Government resources to contact
  • Life cycles of Money Laundering and Terrorist Financing crimes
  • Banking case studies of current ML & TF approach and their pitfalls

Who will Benefit:

  • Compliance Officers
  • Risk Officers
  • Internal Auditors
  • Operational Risk Managers
  • Board of Director Members
  • Third party consultants

Instructor Profile:

Jason Simpson, LL.M, CRA, CCA is a Certified Risk Analyst (CRA) and Chartered Compliance Analyst (CCA) and an expert with extensive experience in AML/BSA practices, regulations as well as consulting and training. Mr. Simpson is the Director of the Miami office for Global Atlantic Partners. He works in the Enterprise Risk Management, AML/BSA, Internal Audit, Project Management and Training practice areas. He has worked as a compliance officer in various domestic and international banks over the past 10 years. Aside from his current role and working with both large and small banks on matters related to fraud, AML/BSA, general compliance, risk and audit, he is also an adjunct faculty member for all Compliance and AML courses online at Thomas Jefferson School of Law.

He has been certified in Compliance both in the United States and in London. In addition, he has successfully assisted several banks out of MOU’s and C&D orders as well as worked as a Subject Matter Expert (SME) in legal cases. An example of his most recent work, for a large client in the Caribbean, he has developed and rebuilt a complete compliance and transaction monitoring division including new AML systems. He has also developed policies and procedures, programs and assessments for banks and Money Service Businesses domestically and internationally. Recently, he contributed to an article for Off Shore Investment “FATCA Compliance Initiation for a Financial Institution”. Further, he wrote and contributed the first 3 chapters of the published Lexis Nexis Guide to FATCA compliance.

Topic Background:

Money Laundering and Terrorist Financing are financial crimes that too often are described and dealt with within a financial institution as the same crime. This unfortunately should not be so. In fact, both crimes have unique typologies and patterns that will invoke different ways of monitoring and proactive measures to combat against. Though many terrorist financing cases may include some form of money laundering, this is not always the case. Equally, money laundering does not have to be the crime of choice for Terrorist Financers. Truthfully, many funds that are routed to Terrorists are in fact, clean, legitimate funds.

Although Terrorist Financing has taken center stage in the United States mainly since 2001, Terrorist Organizations have existed well before. How did they move around money? What were their forms of financial currency transportation? How does that differ from today? Similarly, what are the motives behind the two different crimes and are they similar in any way?

Financial Institutions in nearly every jurisdiction have to deal with issues relating to these crimes, it is their responsibility as one of the first lines of defense against financial crimes to prevent or report such activity. Yet, with increasing regulation, an abundance of financial crimes in the current market, a Financial Institution needs to ensure that it has proper monitoring parameters set for any manual or automatic monitoring systems or procedures. Without such parameters or controls or without properly understanding the concepts in which one is trying to prevent, the institution is as good off as one without any controls at all.

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