AML Investigations and SAR Preparation

Why Should You Attend:

The purpose of this webinar is to provide information and guidance regarding the new FinCEN SAR. This webinar will discuss the key concepts and the current changes in the marketplace and expose the new faces of AML. In addition, it will give a roadmap in investigating, monitoring suspicious activities and recognizing red flags that pose present and future challenges for regulated businesses.

Participants will learn BSA/AML best practices which focus on customer acceptance policy, identification procedures, ongoing monitoring, recognizing red flags and risk management. In brief, anyone who wants to open an account will undergo the same due diligence as a client opening a regular bank account. Identification processes will include scrutiny of beneficial owners, monitoring and looking for complex, unusually large transactions and set thresholds for transaction limits. If required, creating risk profiles for all customers, based on low, medium and high categories and using information derived from their identity, social/ financial status, nature of business activity, information about each client’s business and their location.

In accordance with regulatory obligations, there are strict reporting procedures in place to minimize the risk that could be used for money laundering purposes including:

• Proper identification of clients and vendors
• Recognizing red flags
• Investigating suspicious activities
• Monitoring and reporting questionable behavior
• SAR preparation and reporting
• Guidelines in maintaining records
• Training staff to recognize suspicious transactions and reporting obligations
• Internal and external audit requirements

Learning Objectives:

• Understand that the role and responsibility of an efficient well rounded AML program is to effectively monitor, investigate and report suspicious activities.
• Learn to recognize red flags early on and understand the key patterns of suspicious behaviors and take preemptive actions.

Areas Covered in the Webinar:

• The key pillars of an AML regulations
• How to implement an effective program
• How to recognize suspicious activities
• Enhanced level of due diligence
• Financial action task force and their role
• New faces of AML fraud
• SAR preparation and reporting guidelines
• Ongoing monitoring and training programs

Who Will Benefit:

• Compliance Officers
• Independent Sales Organizations
• CFOs and Presidents of Payment Service providers
• Managers of Payment Service Providers

Armen Khachadourian
President and Founder, Digital Payments LLC

Armen Khachadourian is the founder and president of Digital Payments Inc., a consulting firm providing advisory services in the areas of merchant processing, ISO/MSP formation, development of best practices, BSA/AML guidelines, merchant portfolio and acquiring acquisitions, prepaid and alternative payment products including decoupled debit. As a trusted partner with vision to understand his client’s future business he has helped design and evaluate new products and services in today's changing marketplace.

Mr. Khachadourian has also served in executive positions at several top ten financial institutions and helped them maximize growth and revenues in today’s challenging electronic payments marketplace. As a vice president of JPMorgan Chase’s Prepaid Product in Treasury Services he was responsible for designing and launching prepaid cards in the EU market. As a senior vice president at Visa USA, he expanded card acceptance to new markets such as supermarkets, recurring payments, quick service restaurants and federal government agencies. His expertise in card products extends to issuance of credit, debit, prepaid and commercial cards. He is also an experienced manager of technology solutions including development of best practices, network policy, third-party processor contract negotiation and problem resolution.

Mr. Khachadourian earned a Bachelor of Arts degree in mathematics and a Master of Science degree in computer science from the San Jose State University in California. He authored the “Basics of Data Communications” textbook and lectured at College of San Mateo, CA. He was awarded an honorary teaching credential from State of California. He is a member of the United States National Masters team and has represented United States at four world championships.

Topic Background:

Recognizing and investigating suspicious activities is the key in safeguarding an organization’s financial system from illicit use and combating money laundering. It would be prudent to ensure having an effective AML compliance program which is tailor-made for the key risk factors within an organization. Timely and accurate reporting will promote national security through the collection, analysis, and dissemination of financial intelligence to the proper authorities. Organizations have suffered irreparable reputational damage and have had to pay exorbitant regulatory fines in the millions for failing to implement an effective BSA/AML program.

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