Anti-Money Laundering: Suspicious Activity Reporting
This webinar will describe the process that financial institutions must implement to identify unusual activity, alert management, decide if a SAR needs to be filed, and complete and file a report.
Presented by Mario Mosse
Thursday, March 8, 2018
24-hour on-demand access begins at 10:00 am ET
Session length: 120 minutes
Note: A 10-minute break will be incorporated at the top of the first hour.
About This Course:
Suspicious activity reporting is an important component of an effective anti-money laundering program. A suspicious activity report (SAR) is a report made by a financial institution about suspicious or potentially suspicious activity. Each country requiring reporting has established criteria for when a report must be made but criteria for reporting an activity as suspicious usually include the following:
• Transactions make no financial or economic sense
• Transactions are unusual based on the client’s profile
• Activities carried out only for the purpose of hiding or obfuscating a transaction
In the United States, SARs must be reported to the Financial Crimes Enforcement Network. This webinar will describe the process that financial institutions must implement to identify unusual activity, alert management, decide if a SAR needs to be filed, and complete and file a report. Success cannot be achieved without the co-operation of all associates working in financial institutions among others. They must be aware, and be trained on, the regulations in force in order to comply and ensure that prevention measures are in place. Failure to file a suspicious activity report may have serious consequences for a financial institution including significant fines and penalties, and even criminal prosecution and material reputational damage.
Areas to be covered during this session:
• Background and history
• Regulatory requirements
• SAR within the AML/CTF framework
• The SAR program and process: policies and procedures
• Information sources and workflow
• Technology support
• Roles and responsibilities
• Education and training
• Monitoring and audit
• Confidentiality
Who Should Attend:
Banks; Asset Managers; Broker/Dealers; Insurance Companies and all other financial institutions; Supervisors; Financial Officers; IT professionals; Risk Officers; Internal Auditors; Operational Risk Managers; Compliance Officers; Board members; General (legal) counsel; Regulators who supervise or examine banks or financial institutions; C-Suite members; CBAs (Chartered Bank Auditors); CIAs (Certified Internal Auditors); CFEs (Certified Fraud Examiners); Team members who have an interest in expanding their knowledge of mitigating risks of involvement in terrorist financing.
How It Works:
This course will be available for a 24-hour period on the starting date and time published, to accommodate your schedule and time zone. During the session you will have the opportunity to submit questions to Mario. He will prepare a customized response to you within 72-business hours. Questions must be submitted during the 24-hour open course period. Included in your purchase is access to the recording for 60 days following the original course date and a PDF of the course handouts.
Registration Fee:
Sustaining Member $99 |Contributing Member $109 |Non-Member $119
About Our Expert:
Mario Mosse is the President of MMosse Consulting, LLC, a company that provides risk management advice and training to the financial services industry. Mosse has significant experience in the areas of enterprise risk management, regulatory compliance, internal audit and project management at major financial services companies. He also has extensive knowledge of U.S. and international financial services and products (retail and corporate banking, securities brokerage, investment banking, asset management and life insurance) as well as risk management and internal control frameworks such as Basel III, Solvency II and COSO.
Mosse spent 18 years with Prudential Financial, Inc. where he was in charge of the company’s operational risk management program. Prior to that, he was the Chief Internal Control Officer for Prudential Securities and Vice President, Management internal Control of Prudential Investments. Prior to joining Prudential, Mosse spent 19 years with The Chase Manhattan Bank, N.A. where he was in charge of risk management and compliance for the Corporate Finance Sector, South America Regional Audit Executive, and Vice President, General Auditing.
Continuing Risk Learning Credits: 2
PRMIA Continuing Risk Learning (CRL) programs provide you with the opportunity to formally recognize your professional development, documenting your evolution as a risk professional. Employers can see that you are not static, making you a highly valued, dynamic, and desirable employee. The CRL program is open to all Contributing, Sustaining, and Risk Leader members, providing a convenient and easily accessible way to submit, manage, track and document your activities online through the PRMIA CRL Center. To request CRL credits, please email [email protected].