AML, SOX and Licensing Controls Failures - Detection, Prevention and Risk Mitigation Strategies

Why Should You Attend:

The level of fines levied against banks resulting from failure to comply with various regulations has soared, reaching into the billions of dollars in individual instances. Every bank is responsible for compliance with a wide variety of regulations. Compliance failures are risks to both their reputation and their stockholders money. The Anti-Money Laundering, Sarbanes-Oxley Law and other Licensing laws specifically requires that companies, including banks, have accurate financial reports as well as sound controls as required to assure the material accuracy of those reports.

This webinar will discuss common compliance failures, and:

• What causes compliance failures
• How can they be identified
• How do they get fixed?

Areas Covered in the Webinar:

• Common AML compliance failures.
• Extraordinary AML compliance failures (intentional at the executive level).
• Widespread SOX failures (Sarbanes-Oxley Act) primarily control breakdowns leading to reconciliation breakdowns and incorrect reporting.
• A broad failure of licensing controls where the company providing insurance products in the name of several major banks did not know which products were licensed is which states.
• For each case we will look at:
• What was the cause of the compliance failure
• How was a problem identified (red-flags, check list items, audit steps) and communicated internally (escalation process)
• What was done with regard to communication with regulatory authorities
• What did it take to investigate and address the failures
• What internal controls and risk mitigation steps were taken to prevent recurrence

Who Will Benefit:

• Retail and commercial banking leaders
• Mortgage leaders
• Insurance leaders
• Compliance professionals
• Risk managers
• Internal control professionals
• Auditors
• Operation managers
• Department heads
• Process supervisor

Instructor Profile:

Jim George is an independent consultant to banks focusing on issues of risk and compliance, AML, and fraud. He brings over 25 years as a consultant to major banks in associate partner and principal roles at PriceWaterhouse-Coopers Consulting, IBM Consulting in Bank Risk and Compliance, and Andersen Consulting (now Accenture). He has also been SVP Operations for a major insurance company providing insurance outsourcing services to the banking industry.

Mr. George work has included projects in AML and fraud investigation, prevention, identity/KYC issues, and related systems. His background includes work in bank operations and payments strategy, systems, reengineering, and quality improvement.

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