Wednesday, July 28, 2021
2:00 – 3:00 pm (Eastern Time)
1:00 – 2:00 pm (Central Time)
12:00 – 1:00 pm (Mountain Time)
11:00 – 12:00 pm (Pacific Time)
Trade-based money laundering (TBML) is one of the most widely used methods of money laundering but also one of the most difficult forms of money laundering to detect. It can involve trade in anything--from luxury cars to lemons. Financial Institutions are involved in TBML schemes when they are used to settle, facilitate, or finance international trade transactions, including through letters of credit, lending, factoring, letters of guarantee, provisions of trade finance services, and wire transfers. In fact, banks are the central clearinghouse for all financial transactions pertaining to trade finance.
TBML involves a number of schemes in order to complicate the documentation of legitimate trade transactions; such actions may include moving illicit goods, falsifying documents, and misrepresenting financial transactions. Red flag indicators can help detect the likelihood of suspicious activity and reporting of suspected instances of trade-based money laundering. Understanding how to apply a comprehensive and disciplined approach for meeting BSA/AML compliance requirements remains a challenge for financial institutions, big or small.
This business banking webinar will provide practical strategies to help overcome these challenges.
Highlights of this session include:
- A detailed introduction to trade and trade products
- Understanding TBML and trade activity
- Funnel accounts and trade-based money laundering red flags
- Common practices in trade fraud schemes
- Understand the impact of compliance regulations on trade
- Key challenges in enforcing a TBML program
- Essential TBML controls
- Typologies uses in the detection of TBML
- Practical steps banks can take to mitigate trade based money laundering risk
Who should attend this course?
- Internal Audit personnel
- Compliance Officers and Compliance Staff
- BSA Officers
- Business Operations
- KYC/CDD personnel
Dena Somers is a highly regarded bank consultant and compliance attorney. She has provided regulatory compliance and risk management consulting services to financial institutions and companies in highly regulated industries nationwide for more than 20 years. Her areas of expertise include consumer and mortgage lending compliance, Fintech and specialty finance, regulatory compliance training, business strategy and best practice advisement, and corporate governance. Throughout her career, Ms. Somers has advised hundreds of banking and financial institutions— ranging from local community banks to $50 billion financial holding companies— to achieve operational efficiency while ensuring regulatory compliance. Previously, Ms. Somers served as General Counsel to a national mortgage servicing company, Fintech lender, national money service business, and has represented financial institutions in a broad array of complex litigation matters for more than 15 years. Additionally, Ms. Somers is a published author for Lexis Nexis in the areas of Bank Teller training, loan policies, and loan documentation training.
1.0 CPE Credits