A Specialized Banking Seminar: Implication of Int. Laws Enforcement on Banks De-Risking (AML-CFT-BASEL & FATCA)
A Specialized Banking Seminar: Implication of Int. Laws Enforcement on Banks De-Risking (AML-CFT-BASEL & FATCA)
Doha – Qatar 23-24 November 2015
BACKGROUND
De-risking has become common shorthand for referring to any instances in which banks have adopted increasingly stringent financial crime-related policies to reduce their exposure to potential money laundering, terrorist financing, corruption and sanctions risk. More specifically, it relates to the strategies adopted by banks to reduce their risk.
The Practice of De-risking, as an easy alternative to enhanced due diligence, is being embraced by many banks, including correspondent banks during the last two years, in an attempt to comply with the AML Guidelines set by regulators worldwide. However, the generic implementation of De-risking has deprived entire categories of customers from a wide range of financial services that are vital for their survival, and industries such as exchange companies, money transmitters, Charities, etc.
This complexity means that de-risking manifests itself in a number of ways. The most notable example is a bank ceasing to provide accounts to certain customer or product sectors. Total withdrawal from a specific sector or customer group is at the farthest end of the de-risking spectrum. More frequent responses include:
• Banks Especially global banks, limiting their exposure to certain higher risk customer sectors e.g. Money Service Businesses.
• Taking steps to avoid an over concentration to a particular type of risk e.g. Correspondent Banking.
• limiting the types of services offered to higher risk relationships e.g. cash clearing activity, bank notes etc.)
• Curtailing certain products and services in and for certain countries and customer sectors
As a result, retail and commercial customers have been highly impacted leading such customers to seek alternative banking services that are less supervised and may involve higher Money Laundering risks.
The Wholesale De-risking approach to De-risking seems to contradict the financial inclusion concept being promoted by the FATF to provide financial Institutions to less privileged persons who do not have access to banking services.
On the other hand, the overall FATCA reporting process is complex whereby the data management and processing will be a key issue as financial institutions rise to the challenge of managing different data transmission processes validation, from identifying which accounts are taxable under U.S law, reporting income and asset information to the IRS in the corrent format, the withhold 30 percent of payments from recalcitrant and non-participating accounts and remit appropriate payments to the IRS, and continually update data as foreign financial institution and systems and procedures for regulatory reporting.
This Seminar will provide an assessment of De-risking, and FATCA in addition to its implementation and the impact of that on the banking and financial sectors, non-financial sector, and customers in general.
OBJECTIVES:
At the completion of this significant Seminar the attendees will have a profound knowledge of the following:
Proportionate and effective implementations of de-risking concept.
How local banks have been impacted by the wholesale de-risking, imposed by correspondent banks.
Sanctions challenges, when coupled with de-risking enforcement
Aligning of de-risking with the risk based approach in an AML program
MAIN TOPICS:
Key elements of an effective compliance program and the regulator’s focus
Compliance Program - RBA in today’s Environment
Challenges and Tools for Effective Compliance
Meeting Evolving Compliance Standards
Sanctions and Enforcement: What’s Changed and What Hasn’t Changed as a Result of the Iranian Nuclear Deal”
De-Risking: Causes, Impact, Control and Consequences
How to prepare for a regulatory examination and pitfalls of poor preparation?
De-Risking and the Inherent Risks
De-risking vs. Risk Based approach impact on exchange companies / money transmitters and charities.
Compliance: What to Look for, and Suggestions for Improvement.
De-Risking and correspondent Banking Relations
De-risking, a UAE/GCC Perspective.
PREREQUISTES:
In order to get maximum benefit from this Workshop, participants should have fundamental knowledge of Basel II and Basel III requirements.
SPEAKERS:
Mr. Mohamad Mansour
Senior Assistant General Manager, Commercial Bank of Qatar
Chief Compliance Officer, Commercial Bank of Qatar
Mr. Bashir Al Nakib
GRC Consultant - FACT Middle East - Qatar
Managing Partner - Compliance Alert
Mr. Salah Gueydi
Expert on International Taxation, Qatar
PARTICIPATION FEES:
800 $ for UAB members
1000 $ for Non-UAB members
Fees include attending the workshop, receiving the material, refreshments and a daily lunch.
SCHEDULE AND LANGUAGE:
Registration: the first day from 8am to 9 am.
Schedule: from 9:00 am to 15:00 pm daily.
Workshop language: English.