New Location Added!
BAFT Financial Crime Compliance Workshop – Nordic Region
Compliance Risk in Bank to Bank Relations
September 26, 2017
Kungstradgardsgatan 8 
SE-106 49 Stockholm, Sweden

Overview | Program | Speakers
Preliminary Program
08:30 – 09:00PM
09:00 – 09:15
Introduction/Workshop Overview
Learning objective:

A workshop for transaction banking business and compliance personnel to understand important regulatory requirements and developments in combatting financial crime, with an emphasis on governance and accountability. Nordic and international perspective, differences and similarities.

09:15 – 10:00
Risk Based Approach to Financial Crime
Learning objective:

The concept of a risk based approach is a fundamental premise of AML regulation, so when is it appropriate to do more/less. This session will focus on how a risk based approach informs a financial crime framework, emphasizing the importance of depth of competence – an art as much as a science in order to do this well. Cultural differences in Nordics and internationally in interpretation of risk based approach in practice.
A. Enterprise-wide risk assessments (AML, Sanctions, ABC)
B. Customer risk assessment

10:00 – 10:15
Networking Coffee Break
10:15 – 11:00
Learning objective:

This session will focus on the importance establishing an appropriate governance structure and target operating model and articulating accountabilities vs responsibilities across the three lines of defense, including the responsibility of the “first line of defense” to identify and mitigate customer risk. Perspective of Nordic developments on roles & responsibilities based on updated AML directive in 2017.

11:15 – 12:15
Customer Due Diligence
Learning objective:

This session will help attendees to understand the regulatory requirements regarding customer identification and due diligence, and recent regulatory developments.

A. Initial customer due diligence (AML CDD ∓ EDD, sanctions)
B. Event driven and periodic refresh of information
C. Recent developments
D. Beneficial ownership
E. Special concerns
 1. Trade based money laundering
 2. Bribery and corruption (PEPs)
 3. Shell companies and tax evasion (Panama Papers)

12:15 – 13:15
Networking Lunch
13:15 – 14:15
Transaction Monitoring

Learning objective: This section will explain recent regulatory developments in governance and optimization of automated transaction monitoring systems for both AML/CFT and sanctions compliance.

  1. Governance of your automated system (for example, NYDFS Rule 504 &am; Model Validation, Sweden draft FFFF 2017:XXX chapter 6§§13-17)
  2. Optimization – a combination of systems, processes and people
  3. Optimization – a combination of systems, processes and people
  4. Detection scenarios and case studies
14:15 – 15:00   
Correspondent Banking

Learning objective: This section will describe current international standards (FATF) and supervisory expectations (Basel Committee on Banking Supervision) for correspondent banking and how correspondents and respondents can meet these expectations in an efficient and cost effective way.

  1. Customer due diligence and risk rating
    1. Initial CDD/EDD and risk rating
    2. Event driven and periodic refresh of information
  2. When do you have to know your customer’s customer?
  3. Restricting or closing an account
15:00 – 15:15   
Networking Coffee Break
15:15 – 16:15   

Learning objective: This session will explain the evolution of economic sanctions programs, which have become more complex over time, and consider controls to mitigate the risk of sanctions breaches.

  1. Comprehensive sanctions, SDNs and sectoral sanctions
  2. EU v. US sanctions against Iran
  3. Sanctions in trade finance
  4. Governance and controls
16:15 – 16:45   
Future Developments

Learning objective: To cap off the day - a view into the future. What’s coming in the next phase of this area? <

  1. Fintech and Robotics – friend or foe?
  2. Society vs financial industry – how can we fight crime efficiently?
16:45 – 17:00
Wrap Up/Closing Remarks