This course will discuss procedures and processes your BSA department can employ when your institution is clearing and disposing alerts for potential hits identified by your screening process related to companies, individuals, and countries identified by government, international, internal, and other lists as sanctioned or of concern for money laundering, terrorist financing or other criminal activity.
There are many sanctions lists with numerous companies, individuals, and countries listed. As financial institutions conduct their reviews of these lists for the possibility that one of their customers may be identified on these lists, there is a high likelihood that some of these hits may be false positives. Since there are numerous companies and individuals with the same name, it is important that institutions know how to conduct further research and due diligence on these hits to make sure they are in fact true hits and not false positives. A financial institution must have a specific policy with procedures for employees to follow to ensure that all hits are researched and cleared and that false-positive are clearly identified.
This course will discuss the many areas involved with sanction lists such as: examples of who is included on these lists, a discussion of how the lists are compiled, methods you can use to analyze hits related to your customers and the lists, and ways you can ensure that a hit is properly disposed of either as a true hit or as a false positive.
Thomas E. Nollner has more than 38 years of experience in financial institution supervision and consulting. Thomas has spent 30 years as a National Bank Examiner (NBE) for the Controller of the Currency, where he was a safety and soundness examiner and a compliance examiner. The last 15 years as an NBE and for the past 8 years as a consultant, he has specialized as an AML/CFT examiner/consultant. In these roles, he has analyzed financial institutions’ AML/CFT programs to ensure that they complied with applicable AML/CFT laws, rules, and regulations. He reviewed the suspicious transactions identification, monitoring, and reporting processes, he traced proceeds and transactions through several layers of activity, and he provided AML/CFT training for many different financial institutions.
Thomas currently works as a consultant for the Office of Technical Assistance (OTA), a branch of the US Treasury that assists developing countries with banking issues. He is assigned to the Economic Crimes Team that focused on training, assisting, and mentoring the staffs of the financial regulatory departments and financial intelligence units of various countries regarding AML/CFT compliance. In this capacity, he worked in countries such as Afghanistan, Iraq, Turkmenistan, Vietnam, Honduras, Guatemala, Guyana, Suriname, and Argentina developing AML/CFT examination procedures, providing AML/CFT training and mentoring, and updating local AML/CFT laws and regulations.