AML & OFAC for the Insurance Industry

Registration Begins & Continental Breakfast

Co-Chairs Opening Remarks

Interactive Industry Think-Tank

What’s Keeping the Insurance Industry on its Toes in 2019?

Join this panel of seasoned experts for an overview of the insurance industry’s most topical and pressing issues relating to AML & Sanctions, including:

• How to tailor your policies, procedures and internal controls to prevent your organization from prevalent and emerging AML risks
• Discussion on how government oversight has been shifted into even higher gear
• Examples of heightened regulatory expectations – i.e. AML requirements and implications for the insurance industry
• Hot topic: Marijuana related businesses – dilemma for FI’s: should we provide them with services?
• Discuss incorporating insurance agents and brokers into your AML compliance program
• Conducting an effective risk-based review
• Guidance on navigating the complex global sanctions ecosystem
• Strategies to strengthen your AML & OFAC compliance programs

Enforcement Trends in Insurance Regulation

Regulator Expert Panel & Q&A

Hear directly from the prominent regulators on what is currently top of mind for regulators of the insurance and re-insurance industries followed by an interactive Q&A session. Topic coverage will include:

• Learn what the regulator’s top enforcement priorities are for 2019
• Recap and analysis of most recent enforcement actions – invaluable lessons learned
• New wave of investigations and sanctions
• Main trends currently in the insurance and the reinsurance markets
• Regulatory perspective on emerging risks such as blockchain, artificial intelligence and other technological platforms
• Enforcement of sanctions related to Significant Malicious Cyber-Enabled Activities – Russia Cyber-related designations

Networking Break

Recent Trends in Global Sanctions

Spotlight on Iran

Part i): How to Deal with the Aftermath of Nov. 4^th, Secondary Sanctions: Key Compliance & Regulatory Concerns for the Insurance Industry

• Examination of U.S. sanctions against Iran and snap back impacts
• Trump’s decision to withdrawal from nuclear arms control deal – immediate and foreseeable impacts?
• Assessing the impact of secondary sanctions and the implications on the insurance industry
• Conformance to evolving global standards and resulting conflicts of laws
• Post wind-down date compliance check in

• Overview on the blocking regulation: elements and main blocking measure
• Practical implications of the blocking regulation
• Dealing with evolving sanctions in an era of anti-blocking measures and the resulting conflicts of law

Networking Luncheon for Attendees & Speakers

Report on Russian, Venezuela and North Korea

• Examination on U.S. sanctions against Russia and navigating the current terrain
• Consequences of the April 6 expansion of OFAC designations under Russian related sanctions
• Analysis of regulatory gaps and key compliance challenges
• Russian cyber sanctions and countering emerging threats
• Venezuela-related sanctions paving the collapse of a crisis ridden country
• Keeping North Korea on the radar — do we continue to identify the DPRK as a sanctions hot-spot?

Networking Break

Recent Trends in AML

FATF’s Revised Guidance on the Risk-Based Approach for the Life Insurance Sector

• Direct Impacts of revised guidelines on Insurance Industry
• How the requirements apply beyond life insurance – reinsurance, broking?
• Relevant risk factors for ML/TF risk

Best Practices Compliance Exchanges

A) Commercial Property & Casualty Insurance

B) Life Insurance

C) Maritime Insurance

Regulator Q & A Session

Interactive Q & A with Former OFAC Officials

Participate in this dedicated Q&A session led by OFAC. You will have the opportunity to submit your questions in advance

Champagne Roundtables

End the day informally and you discuss the latest industry developments with your peers.

End of Day One

Continental Breakfast

Co-Chairs Opening Remarks

Emerging trends in AML & OFAC Compliance

Regulator Roundtable & Interactive Q & A

In this session, prominent regulators will discuss all of the latest and emerging compliance trends related to AML & Sanctions that are currently impacting the insurance industry, followed by an interactive Q&A. Topic coverage will include:

• Why a tick-box approach to AML & Sanctions compliance is not enough
• Guidance re certifications for AML compliance programs and functions
• The convergence of compliance between cybersecurity & AML requirements
• Marijuana businesses – whether or not FI’s should provide services?
• Regulation on the transfer of risk
• Cyber risk as a principle risk for insurers and reinsurers
• De-risking – ongoing challenges
• Regulatory support – how are the regulators supporting the industry in their compliance efforts?

Focus on Risk Management

Money Laundering & Fraud Prevention through Effective Detection, Reporting & Enhanced Due Diligence Compliance Training

This session will provide an in-depth overview and competency on the following:

• How to implement a global approach to KYC for U.S. based FI’s operating across jurisdictions
• Recent KYC Tilt – revised requirements
• FinCen’s Customer Due Diligence rule – beneficial ownership requirements
• Advanced CDD & EDD Training for FI’s
  • Applying a risk-based approach to determine thresholds
  • Full-proofing procedures
  • Conducting a robust risk assessment

Networking Break

AML & OFAC Best Practices

Suspicious Transaction Monitoring & Screening

• Suspicious Transaction monitoring best practices
• Red flag monitoring, identification and response compliance training
• Screening best practices
• Intersection of screening: US & Non-U.S. Sanctions
• Reducing your risk: new technologies and emerging innovation solutions

Financial Intelligence for Insurers

Emerging Threats & Modern Modes of Financial Crime Related to AML & Sanctions

• The threat and regulatory aspects of cryptocurrencies: FinCEN and OFAC guidance on cryptocurrency; state actor use of cryptocurrencies; anonymity in exchanges and tokens; treatment of tokens as virtual currency versus securities or commodities; enforcement; BTMs; and the international standards of the Financial Action Task Force (FATF) 40 Recommendations
• Fintech: What are the Federal banking regulators doing and why are they doing it – Federal and state law challenges
• Real estate: The solution of choice for money laundering on a global scale – civil forfeiture cases (e.g. Prevezon, 1MDB); Geographic Targeting Orders (GTOs); potential for rulemaking in the real estate space

1 CLE Ethics Credit

Ethical Dilemmas in AML & Sanctions Compliance

This session will discuss various ethical issues that arise during AML and Sanctions compliance. Discuss best practices for when to make a voluntary disclosure to the government.

Main Conference Ends