AML Investigations 101: Conducting a Successful End to End Investigation
Featured Speakers :
Fnan Desta oversees the operational effectiveness of the Transaction Monitoring (Investigations Team) servicing the Personal & Commercial, Wealth Management and Global Asset Management lines of business in Canada. He leads a team responsible for investigating and reporting on Strategic Transaction Monitoring Alerts, Unusual Activity Reports, Production Orders, Cross-Border Investigations, Correspondent Banking Requests and other ad-hoc requests.
Fnan led “Project Shine”, an initiative at BMO in 2013 aimed at professionalizing the FIU in transforming to the best in class AML shop on Bay Street.
Prior to joining the FIU, Fnan held various roles in the personal and commercial banking division at BMO.
Fnan is CAMS certified and holds a B.A. in Political Science from York University. In his spare time, he volunteers with community initiatives.
Presented by the Toronto ACFCS Chapter
Members Free, Non-Members $15
In recent times, Canada’s anti-money laundering regulatory agency, FINTRAC, has stressed the importance of a well-conducted AML investigation and high-quality suspicious transactions’ reports submission. The reports (among others) – which are submitted by reporting entities have come in very handy on several collaborated projects with the Canadian law enforcement agencies.
FINTRAC provides intelligence on the money trail to law enforcement and the national security agencies—with information not readily available elsewhere. Where this information is not presented by reporting entities to FINTRAC in a form required, stiff penalties including making public all administrative monetary penalties (AMPs), can be imposed. These AMPs will range between $25,000 to $500,000 depending on the level of deficiencies. Organizations can, therefore, suffer irreparable reputational damage if found to be deficient in this regard.
It, therefore, becomes vital for reporting entities to fully understand the process involved in conducting an effective and thorough AML investigation and preparing a well detailed and high-quality STR to FINTRAC.
This webinar will, therefore, provide participants with insights into the necessary process involved in addressing these concerns.
The audience will learn the following:
- The process of conducting a thorough end to end AML investigation
- The essential tools that can be used in analyzing suspicious activities or transactions.
- Analyzing a client’s profile with the suspicious activity indications flagged
- The dos and don’ts of writing a detailed and high-quality STR narratives
- Compliance officers
- AML and financial crime Investigators
- High Risk/EDD Officers