Session Information
ABA Money Laundering Enforcement Conference
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Correspondent Banking Issues
Track
:
October 11, 2009
Program Code:
030
Date:
Sunday, October 11, 2009
Time:
1:30 PM to 2:45 PM
EST
Location:
Washington 1-2
MODERATOR
:
William D Langford, Jr, Senior Vice President, Director of Global Anti-Money Laundering, JPMorgan Chase, New York, NY
SPEAKER
(S):
Sharon Decker, CRCM, National Bank Examiner, Office of the Comptroller of the Currency, New York, NY
Judy P. Stoldt, AML Local Compliance Officer-PCM, HSBC Bank, USA, Buffalo, NY
Robert A. Otero, Examining Officer, Federal Reserve Bank of New York, New York, NY
Description
Panelists will examine the new industry guidance and best practices related to correspondent banking operations. The panel will address the risks of money laundering and terrorist financing through certain trade finance products as well as how to aid in compliance with international and national sanctions, including the Non Proliferation of Weapons of Mass Destruction (NPWMD) requirements of the United Nations. Also, since global correspondent banking is at the heart of the international payment system, the panel will address the new payment message format, the MT 202 COV, scheduled to go live on November 21, 2009.
The panel will also address techniques for conducting AML assessments of foreign correspondent banks to address the Enhanced Due Diligence requirements of Section 312 and discussions on:
• Wolfsberg Trade Finance Principles;
• Industry/SWIFT Cover Payment Initiative;
• Correspondent Banking AML Compliance Reviews of foreign respondents.
The panel will also address techniques for conducting AML assessments of foreign correspondent banks to address the Enhanced Due Diligence requirements of Section 312 and discussions on:
• Wolfsberg Trade Finance Principles;
• Industry/SWIFT Cover Payment Initiative;
• Correspondent Banking AML Compliance Reviews of foreign respondents.
Audio Synchronized to PowerPoint
(Code: 030)
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