In this training program, attendees will learn to define AML/OFAC risk assessment and the importance of increased regulation of these assessments. The program will additionally focus on AML/OFAC risk assessment best practices.
Risk assessments are the backbone of any well-built anti-money laundering and Office of Foreign Assets Control compliance program. An efficient and effective program cannot be developed without knowing where one’s risks reside. Today, many businesses—both financial and non-financial institutions—are conducting these assessments to uncover risks, design strong compliance programs, and mitigate their exposure. There are many decisions that need to be made when you decide to conduct an AML/OFAC risk assessment.
This webinar will define AML/OFAC risk assessment while examining the best practices as well. It will also help assess the BSA/AML risk profile of a bank and evaluate the adequacy of the bank’s BSA/AML risk assessment process.
- Know what is on the OFAC list
- Identify each department’s OFAC risk factors
- Evaluate and rate each risk
- Document and summarize
- 10 risk-based OFAC monitoring and screening practices
- Higher risk geographic locations in relation to BSA/AML
- 5 specific risk categories of AML
- Financial services professionals
- Securities attorneys
- Fraud professionals
- Risk/compliance officers in the field of finance
- Wall Street professionals
- Governance/board members