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08/29/2012 - Banking Trade Association Takes Aggressive Approach to Fight Money Laundering
August 29, 2012
Miami, August 30, 2012. FIBA, a not-for-profit trade association founded in 1979, primarily to service the needs of banks and financial institutions engaged in international business,will be offering its FIBA AMLCA Certification and AML Correspondent Banking Course in New York on September 26-28, 2012.
FIBA AMLCA Certification on September 26-27. This two-day coursenavigates global AML requirements and the Federal Financial Institutions Examination Council Bank Secrecy Act/Anti-Money Laundering Examination Manual (FFIEC BSA/AML Examination Manual), which is the basic foundation upon which all U.S. compliance officers must build their AML knowledge. Banks outside the U.S. also need this critical knowledge in order to do business internationally and require a standard foundation of knowledge to do business globally as well as with the U.S.
FIBA AML Correspondent Banking Course on September 28. The risks posed by correspondent banking are of concern to regulators, bankers, and broker-dealers in securities alike. Recently, U.S. financial institutions have faced severe penalties as a result of having weak BSA/AML compliance programs for their foreign correspondent banking accounts. This course will discuss the practical applications of the regulatory requirements, with a particular emphasis on nested accounts. This course is designed for both U.S. financial institutions offering correspondent banking as well as for foreign financial institutions which have or are seeking a U.S. correspondent banking relationship.The course will cover risk rating methodology, due diligence programs, transaction monitoring, government screening lists, among other topics.
FIBA has become one of the leading global banking associations promoting knowledge of, and compliance with, the anti-money laundering regime. David Schwartz, Executive Director of FIBA, says that these courses will address the compliance needs for international financial institutions who engage in foreign correspondent banking, international private banking and trade financing transactions throughout the globe. “These activities require financial institutions to be cognizant and well informed of the current global and U.S. regulatory/legal environment impacting these high risk businesses that are particularly vulnerable to terrorist financing and money laundering” he noted.
About FIBA
FIBA is a not-for-profit trade association founded in 1979, primarily to service the needs of banks and financial institutions engaged in international business. FIBA's current members include more than 70 foreign and domestic banks, from 18 countries and 4 continents. Through its leadership, our organization offers its members a unique forum to identify and address significant business and legal issues impacting international banking, trade and commerce.
FIBA AMLCA Certification on September 26-27. This two-day coursenavigates global AML requirements and the Federal Financial Institutions Examination Council Bank Secrecy Act/Anti-Money Laundering Examination Manual (FFIEC BSA/AML Examination Manual), which is the basic foundation upon which all U.S. compliance officers must build their AML knowledge. Banks outside the U.S. also need this critical knowledge in order to do business internationally and require a standard foundation of knowledge to do business globally as well as with the U.S.
FIBA AML Correspondent Banking Course on September 28. The risks posed by correspondent banking are of concern to regulators, bankers, and broker-dealers in securities alike. Recently, U.S. financial institutions have faced severe penalties as a result of having weak BSA/AML compliance programs for their foreign correspondent banking accounts. This course will discuss the practical applications of the regulatory requirements, with a particular emphasis on nested accounts. This course is designed for both U.S. financial institutions offering correspondent banking as well as for foreign financial institutions which have or are seeking a U.S. correspondent banking relationship.The course will cover risk rating methodology, due diligence programs, transaction monitoring, government screening lists, among other topics.
FIBA has become one of the leading global banking associations promoting knowledge of, and compliance with, the anti-money laundering regime. David Schwartz, Executive Director of FIBA, says that these courses will address the compliance needs for international financial institutions who engage in foreign correspondent banking, international private banking and trade financing transactions throughout the globe. “These activities require financial institutions to be cognizant and well informed of the current global and U.S. regulatory/legal environment impacting these high risk businesses that are particularly vulnerable to terrorist financing and money laundering” he noted.
About FIBA
FIBA is a not-for-profit trade association founded in 1979, primarily to service the needs of banks and financial institutions engaged in international business. FIBA's current members include more than 70 foreign and domestic banks, from 18 countries and 4 continents. Through its leadership, our organization offers its members a unique forum to identify and address significant business and legal issues impacting international banking, trade and commerce.
Contact:
Fedra Ware
305-539-3796
;
fedra@fiba.net
