International Bankers Will Hold Anti Money Laundering Compliance Summit in 2007 in Miami

A Miami based trade association of international banks that includes six of the 10 largest banks in the world as well as the offices of most of the major banks of Europe, the US and Latin America -- will hold its Annual Anti Money Laundering (AML) Compliance Conference on February 12, 13 and 14, 2007 in Miami, Florida.

This annual conference focuses on current AML issues, such as AML risk assessment and enterprise-wide risk management, implementation of the revised 300-plus page AML Bank Examination Manual, foreign correspondent banking and suspicious activity reporting.

"Banks are now more responsible than ever for knowing their customers (KYC) and the nature of their transactions, while bank executives and board members are now personally responsible for actions taking place on their watch," said Pat Roth, FIBA Executive Director. "Doing business internationally requires specific knowledge of where the money laundering/terrorist financing risk resides in each transaction. FIBA's strength is that we have the knowledge which banks need in order to do international business and still be in compliance with all US laws and regulations," Roth ended.

The Conference will begin with an all-day program (Monday, February 12) dealing exclusively with Foreign Correspondent Banking. The program agenda will include extensive discussions with bankers and regulators on the requirements for additional and enhanced due diligence under the Final FinCEN Section 312 Regulation.

The development and implementation of appropriate AML risk management infrastructure will be the primary focus of the panel discussions on the second day of the Conference (Tuesday, February 13). AML risk-based compliance programs must be enterprise-wide, covering all product lines, services and geographic locations, whether inside or outside the US.

The third day of the Conference (Wednesday, February 14) will concentrate on specific topics of interest including facing regulatory enforcement activities, suspicious activity reporting and independent audits. There will also be breakout sessions on the AML implications for Trade Finance and Letters of Credit and the AML risk in Commercial and Corporate Banking. Other panels will deal with Criminal Enforcement Actions and OFAC (Office of Foreign Asset Control, US Dept. of Treasury).

Florida International Bankers Association

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