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AML Risks in Correspondent Banking – What You Need to Know for 2020

Correspondent banking relationships have become a hot topic with BSA/AML over the past few years. The U.S. Treasury Department has placed more importance on the examination of correspondent banking relationships and has added more guidance related to the issues of “de-risking” (terminating/exiting current correspondent banking relationships). This training session will highlight why it is essential to know the risks related to correspondent banking relationships, the regulatory guidance issued for maintaining these relationships and the concept that financial institutions can always make a business decision as they see fit. Why You Should Attend: There are many risks related to acquiring, maintaining and supervising correspondent banking relationships which employees and management of financial institutions need to be aware of. With the enhanced scrutiny by regulators of a financial institution’s compliance program regarding correspondent banking relationships and the trend for financial institutions to rethink their decisions to maintain these relationships, it is important that employees and management of financial institutions are aware of and fully understands correspondent banking regulations and guidance. In this webinar, attendees will learn the risks and responsibilities for maintaining a correspondent banking relationship in 2020. Areas Covered in the Session : Knowing the risk of correspondent banking The responsibilities of the correspondent and respondent bank US regulations dealing with correspondent banking Financial Action Task Force (FATF) recommendations on correspondent banking Know your customer/customer due diligence for correspondent banking When to perform enhanced due diligence What is nesting Knowing the customer’s customer Communications between the correspondent bank and the respondent bank OFAC responsibilities of correspondent banking Who Should Attend: BSA/AML Officers Compliance Officers Enterprise Risk Managers Bank Compliance Officers and Assistants Bank Secrecy Act Officers and Assistants Bank Secrecy Act Analysts Credit Union Compliance Officers Internal Auditors Risk Managers Staff with BSA/AML oversight responsibilities Everyone who deal with correspondent banking risk

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AML/OFAC Risk Assessment – The Cornerstone of an Effective Compliance Shop

In this training program, attendees will learn to define AML/OFAC risk assessment and the importance of increased regulation of these assessments. The program will additionally focus on AML/OFAC risk assessment best practices. Risk assessments are the backbone of any well-built anti-money laundering and Office of Foreign Assets Control compliance program. An efficient and effective program cannot be developed without knowing where one’s risks reside. Today, many businesses—both financial and non-financial institutions—are conducting these assessments to uncover risks, design strong compliance programs, and mitigate their exposure. There are many decisions that need to be made when you decide to conduct an AML/OFAC risk assessment. This webinar will define AML/OFAC risk assessment while examining the best practices as well. It will also help assess the BSA/AML risk profile of a bank and evaluate the adequacy of the bank’s BSA/AML risk assessment process. Areas Covered in the Session : Know what is on the OFAC list Identify each department’s OFAC risk factors Evaluate and rate each risk Document and summarize 10 risk-based OFAC monitoring and screening practices Higher risk geographic locations in relation to BSA/AML 5 specific risk categories of AML Who Should Attend: Financial services professionals Securities attorneys Fraud professionals Risk/compliance officers in the field of finance Wall Street professionals Governance/board members

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Analyzing IFRS Financial Statements – What’s the Difference?

This training program will answer questions related to IFRS financial statements and compare them to GAAP based statements using numbers from examples that come from every-day life. The course will also analyze the four key principles of IFRS and the cash flow statement, and discuss using financial statement notes to decode the numbers. This webinar will help attendees recognize the significant differences between IFRS financial statements and GAAP financial statements. They will also learn a consistent method of comparing successfully with the two methods of accounting. Why You Should Attend: Although the focus will be on the two main differences which are asset valuation and revenue recognition rules, the cash flow statement will also be examined in detail to provide a quick way of assessing a company’s ability to survive, pay its bills, and even grow. Further, attendees will be able to look at GAAP and IFRS financial statements to facilitate making economic decisions such as investing and lending. In addition, by looking at practical examples that highlight the fundamental differences introduced by IFRS, they will learn a unique approach to assessing a company’s cash flow and its subsequent ability to pay bills. How do you compare the old GAAP statements with the new IFRS statements? What about volatility in the valuation of significant assets? How does it affect bank financing and collateralization? If a business combination occurs, how are assets transferred? These are among the central themes of the presentation. The speaker will address these and more on how the change from GAAP to IFRS modifies the requirements for the notes to the financial statements and the rules going forward for reevaluating the impairment of goodwill on a year-to-year basis. Areas Covered in the Session : Old GAAP vs. IFRS The four key principles of IFRS A new valuation model – is historical cost gone completely? How revenue has changed under IFRS – how crucial can it be? Follow the money – deciphering the cash flow statement Using financial statement notes to decode the numbers Who Should Attend: Business Owners Compliance Managers and Officers Risk Managers and Officers Controllers Presidents/Vice Presidents Managers/Supervisors CEO/CFO Board Members External Auditors Operational Professionals Finance Professionals Internal Auditors