Description:

The SEC and FINRA have made it clear that a Bank Secrecy Act AML compliance program should be designed commensurate with the organization’s unique risk profile. Two of the goals in creating a BSA/AML risk assessment are to identify vulnerable areas that could be used to facilitate the movement of illegally gotten or used funds, and to develop processes and procedures to mitigate that risk. The same risk management principles that your organization uses in traditional compliance and operational areas should be applied to assessing and managing BSA/AML risk. A well-developed risk assessment will assist in identifying your firm’s BSA/AML risk profile. Understanding the risk profile enables an organization to apply appropriate risk management processes to its BSA/AML compliance program and to better identify and mitigate gaps in its controls.

This session will aid in: evaluating the comprehensiveness of your current BSA/AML risk assessment; suggesting areas that may have been overlooked; understanding how documentation lends credibility to your risk assessment; and providing guidance in creating a sound written risk assessment summary.
 

For whom:

Investment Adviser and Broker/Dealer Chief Compliance Officers and others working in the compliance area, legal counsel, managers

Learning Objectives:

Our expert panelists will walk you through the risk assessment process and cover other timely AML topics. The session will include:

• In depth review and analysis of specific risk categories such as products, services, customers, entities, transactions and geographic locations;
• Insights into developing a risk-based BSA/AML compliance program based upon a documented risk assessment;
• AML regulation and enforcement update;
• Discussion of SEC/SRO expectations;
• OFAC: Recent Developments/What is required;
• SARs: Latest trends related to filing, documenting and confidentiality;
• Surveillance
 

Pre-requisites for participation:

No prerequisites are required. However, attendees can benefit by reviewing the applicable FINCEN or FINRA AML rules and guidance or SEC guidance.