2024 Agenda
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Day 1 - Tuesday, February 13, 2024
Day 2 - Wednesday, February 14, 2024
8:00 |
Networking Breakfast and Registration |
9:00 |
Opening Remarks from the Co-Chairs |
9:10 |
International PerspectivesNavigating Evolving International Sanctions and AML Complexities for the Insurance Industry |
10:00 |
Enforcement OutlookWhat Insurance Companies Can Expect in an Aggressive AML and Sanctions Enforcement Climate |
10:30 |
Networking Break |
10:45 |
AML, Sanctions, and WhistleblowersDeveloping a Risk-Based Approach to AML and Sanctions Programs for Insurers and Tackling Risks Posed by the New FinCEN and OFAC Whistleblower Reward Programs Among Other Risks |
11:30 |
Complying with the Corporate Transparency Act:Navigating the CTA and Complying with FinCEN’s Beneficial Owner Reporting Rules |
12:00 |
Closing Remarks and Conference Adjourns |
Post-Conference Workshop
Workshop – Breaking Down the Nuts and Bolts of FinCEN’s Compliance Guidance on the AML Act of 2020: From Risk Assessments, Internal Controls and Policies to Third-Party Risk Management
Feb 14, 2024 1:30pm – 05:00 PM
Speakers
Sven Stumbauer
National Managing Director, Anti-Money Laundering and Sanctions Practice Leader
Grant Thornton LLP (US)
Benjamin Trent
AML and OFAC Compliance Auditor
Grant Thornton LLP (US)
Day 1 - Tuesday, February 13, 2024
8:00 |
Networking Breakfast and Registration |
9:00 |
Opening Remarks from the Co-ChairsSandra Calmes Luis Duarte |
9:10 |
OFAC Keynote AddressClaire Grunewald |
9:45 |
Keeping Up with Russia Sanctions:Unravelling Key Developments and New, Wide-Reaching Russia Sanctions Impacting the Insurance IndustryDana Cordes David Lim Richard McDermott Britt Mosman Moderator:Melanie Garcia As the U.S. continues to impose severe and far-reaching economic sanctions on Russia, insurers must keep up with a barrage of new rules. The rapidly changing sanctions regime signals an urgent need for firms and companies to ensure processes are robust and that proper due diligence is in place. Given the potential legal and financial consequences related to a raft of challenges from sanctions targeting Russia, insurance and reinsurance companies must unravel a complex web of unprecedented and rapidly changing economic sanctions. During this panel, we will explore key areas including:
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10:45 |
Networking Break |
11:00 |
Exploring Key Uses and Risks of AI in BSA/AML Compliance:Opportunities and Challenges for Insurance CompaniesMichael Heffernan Rob Drouin Moderator:Luis Duarte AI and emerging technologies are ushering in a new era of efficiency and effectiveness for compliance in the insurance sector. During this panel, we will explore the myriad ways that AI and other emerging technologies are reshaping AML compliance in the insurance industry through increased risk assessment precision, real-time monitoring, automating reporting, adaptive compliance, and a host of other solutions. During this panel, we will explore:
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11:45 |
Sanctions Evasion and Circumvention:Practical Guidance for Companies to Detect and Prevent the Circumvention of Sanctions and Being Prepared for the Newest, Most-Sophisticated TechniquesMarcus Asner Sandra Calmes Evanthia Coffee An evolution in evasion techniques means a new wave of compliance risks for financial institutions and the wider industry, requiring robust adaptation and constant vigilance. Our expert panel will examine what constitutes sanctions evasion/circumvention, the current landscape of evasion threats, risks, and typologies, and practical tips for identifying them and being prepared, including:
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12:30 |
Networking Luncheon |
1:45 |
Strengthening Your Sanctions Screening Program:Components of an Effective, Risk-based Sanctions and Export Compliance Program and Guidance on Updated OFAC RequirementsAndrew Gifford Kelvin Miller Moderator:Jim Slear Enhancing the effectiveness of your sanctions screening program is critical in today’s stringent regulatory landscape. This entails robust due diligence processes, continuous monitoring, and the implementation of state-of-the-art screening tools and technologies. Strengthening your sanctions screening program not only safeguards your organization from legal repercussions, but also contributes to the broader efforts of maintaining global security and stability by preventing illicit financial activities. During this panel, we will explore:
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2:30 |
Guidance on the SEC’s New Cybersecurity Disclosure Rule:Best Practices for Compliance with Disclosures Related to Cybersecurity Risk Management, Strategy, and Governance for Insurance and Reinsurance CompaniesBridget Choi Scott Stransky On July 26, the SEC adopted amendments intended to enhance and standardize disclosures related to cybersecurity. The amendments require companies timely to disclose material cybersecurity incidents and annual disclosures related to cybersecurity risk management, strategy, and governance in a timely manner. During this panel, we will discuss the new SEC regulations and the requirements for public companies to provide investors with information about cybersecurity risk management programs. During this panel, we will discuss:
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3:15 |
Networking Break |
3:45 |
Small Group Networking Discussion by SectorAML Compliance Hot Topics:
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5:00 |
Closing Remarks from the Co-Chairs and Day 1 Adjourns to Cocktail Reception
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Day 2 - Wednesday, February 14, 2024
8:00 |
Networking Breakfast and Registration |
9:00 |
Opening Remarks from the Co-ChairsSandra Calmes Luis Duarte |
9:10 |
International PerspectivesNavigating Evolving International Sanctions and AML Complexities for the Insurance IndustryArlette Grabczynska Scott Horton Steve Marshall Moderator:Inna Tsimerman A comprehensive examination of the US, EU, and UK sanctions structures and AML guidelines reveals an intricate interplay between legal frameworks, policy objectives, and enforcement challenges. During this panel, we will explore the intricate nature of the global sanctions and AML frameworks, including:
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10:00 |
Enforcement OutlookWhat Insurance Companies Can Expect in an Aggressive AML and Sanctions Enforcement ClimateJustine Clark Hrishikesh Hari
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10:30 |
Networking Break |
10:45 |
AML, Sanctions, and WhistleblowersDeveloping a Risk-Based Approach to AML and Sanctions Programs for Insurers and Tackling Risks Posed by the New FinCEN and OFAC Whistleblower Reward Programs Among Other RisksJesse Aedo Mary Inman Developing a risk-based approach to AML & sanctions programs is essential for insurers and reinsurers in today’s complex regulatory landscape. Companies must be vigilant in identifying and mitigating money laundering and sanctions risks while efficiently allocating resources. Effective risk-assessment strategies are critical to achieving compliance and protecting the integrity of the insurance industry. During this panel, we will discuss key considerations:
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11:30 |
Complying with the Corporate Transparency Act:Navigating the CTA and Complying with FinCEN’s Beneficial Owner Reporting RulesSatish M. Kini Charles Smith The CTA, a component of the Anti-Money Laundering Act of 2020 implemented by FinCEN, was enacted to prevent money laundering, terrorist financing, and other illicit activities. It takes effect January 1, 2024. By increasing the information reported on business entities, the CTA aims to prevent the exploitation of U.S. corporations and LLCs for criminal gain and assist law enforcement in detecting criminal activity. The CTA requires companies, beneficial owners, and business applicants to file information with the U.S. Department of the Treasury. During this panel, we will explore:
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12:00 |
Closing Remarks and Conference Adjourns |
Workshop – Breaking Down the Nuts and Bolts of FinCEN’s Compliance Guidance on the AML Act of 2020: From Risk Assessments, Internal Controls and Policies to Third-Party Risk Management
Sven Stumbauer
National Managing Director, Anti-Money Laundering and Sanctions Practice Leader
Grant Thornton LLP (US)
Benjamin Trent
AML and OFAC Compliance Auditor
Grant Thornton LLP (US)
What is it about?
This workshop will provide attendees with a deep dive practical look at how the industry is putting compliance into practice including the compliance risks of data and technology. The attendees will have the opportunity to break out discussion on topics most relevant to them.
Part I: AML Act of 2020
- FinCEN National Priorities: How firms are getting ready for the upcoming national exam regulation, a framework for compliance.
- FinCEN National Priority: Fraud
- How fraudsters are using technology to launder money and evade Sanctions and how law enforcement is catching them.
- FinCEN National Priority: Corruption
- Recent enforcement actions and root causes of compliance failures. Best practices for your ABC program.
- FinCEN National Priority: Proliferation Financing
- Recent enforcement actions related to Sanctions of the Russian military industrial complex. Root causes of compliance failures and an effective framework for managing the risks of customers in high-risk industries.
- Corporate Transparency Act
- How lessons learned from the U.K. can help us implement the new Corporate Transparency Act regulations in our compliance programs.
- Regulatory Focus on KYC
- Lessons learned from the most recent enforcement actions and how firms are addressing the highest priority issues.
Part II: Sanctions Compliance and Enforcement
- Global Survey of Sanctions Compliance Professionals
- The global sentiment on the changing Sanctions environment, how firms worldwide are addressing the challenges
- AML and Sanctions Technology Enforcement Actions
- Understanding the regulatory focus on technology and data, the most common deficiencies, and the most effective frameworks for managing compliance program technology risks.
- Sanctions Name Screening and Technology
- How to tailor testing, tuning, and screening procedures to align with regulations, guidance, and recent enforcement actions.
- Third-party Risk Management
- Lessons learned from AML and OFAC enforcement actions and best practices for managing affiliate risk.