It was great to see everyone at this year’s California Bankers Association Compliance Conference! For those who couldn’t attend, we’ve summarized key topics highlighted in sessions. If there is a particular session you’d like to hear more about, please feel free to contact us. We’d be happy to share what we learned. We can be reached at (866) 837-4103 or Banking@Broadleafgroup.com.
Speakers discussed significant challenges faced by financial institutions in the areas of compliance management, risk management, compliance management strategies and general expectations of banking regulators.
Banking Fraud: Infiltration, Detection, Investigation and Prevention
Eric LaBadie, VP Customer Success, Guardian Analytics
John Marengo, Assistant to the Special Agent in Charge, US Secret Service, Cyber Intelligence Section
This session walked attendees through the lifecycle of a cyber-attack, including how criminals acquire the credentials and information needed to compromise an account or system, how banks can work with the US Secret Service to investigate data breaches, and strategies for detecting and preventing account compromises and data breaches from happening in the first place. Eric LaBadie, of Guardian Analytics, presented the scope of the cybercrime landscape and gave examples that highlight the threats, business risks, and investigative and detection process.
Pitfalls and Strategies in Cloud Computing, Outsourcing and Other Contract Reviews
Jim Curtis, Bank of the West
Jim Curtis discussed the importance of addressing errors that banks make when negotiating vendor contracts, including cloud computing and other IT agreements. Topics covered in this session included data security, intellectual property rights (or the lack thereof) and warranties, along with the almost always misunderstood contracting landmine: indemnity. The panel also discussed strategies for reviewing vendor contracts.
Strategies to Deal with Elder Financial Abuse
Paul Greenwood, Deputy District Attorney, San Diego County
Raymond Lynch, Sr. Company Counsel, Wells Fargo Bank
The speakers focused on dealing with elder financial abuse matters on a daily basis and discussed lessons learned from their respective experiences. They’ve fought elder financial abuse as a criminal prosecutor and in-house bank counsel and shared their experience to provide strategies that financial institution employees can adopt to recognize possible elder financial abuse transactions.
Banking High Risk Customers – Establishing Effective Customer Due Diligence
John Krenitsky, Chief Compliance Officer, Bank of the West
This session explored the characteristics that make certain customers “higher risk” for money laundering and the implications for due diligence on banks who choose to provide services to such customers. This session also covered a review of regulatory guidance/expectation as well as the practical implications on establishing effective customer due diligence.
Surviving the Exam Process from A-Z
Liz Clarkson, Chief Compliance Officer, Umpqua Bank
Radhika Dholakia, Chief Compliance Officer, Sunwest Bank
Speakers discussed how new rules, additional regulatory oversight and focus on consumer protection have increased the number and level of regulatory compliance exams for all banks, whether big or small. This session focused on how to prepare for and survive a compliance exam, best practices and useful tools to help with the bank’s next exam.
JOIN THE BSA/AML LINKEDIN GROUP
Click this link http://linkd.in/1w9WKP6 to join the Bank Secrecy Act/ Anti-Money Laundering Roundtable Networking Group on LinkedIn. This group serves as an online gathering place for banking professionals to discuss a variety of topics including:
BSA/Officers General Role and Responsibilities
Current Regulatory Challenges
Enhancing the Risk Assessment
Enhancing Risk-Based Approaches to AML