Reducing money laundering risk : Free Breakfast Briefing-Thursday 13th November 2003, London

STB Systems Limited are to host a free breakfast briefing : Reducing money laundering risk (Discussion paper 22, and the role of the local branch).

Insurance Hall
20 Aldermanbury
London, EC2V 7HY

Thursday 13th November, 2003 08:15-11:30am

This breakfast briefing is free of charge, is aimed at Senior Compliance Officers and MLRO's, and is already being subscribed to. Please be sure to book now to confirm your place

To quote the FSAs Discussion Paper 22, there is debate around two important anti-money laundering controls:

Know Your Customer (that is, obtaining and using information about a customer over and above the basic identification information),and...

Monitoring (that is, being alert to how a customer is using a firms products and services and therefore to signs of money laundering)"

The FSA ask if firms can adequately manage money laundering risks and meet legal and regulatory obligations without paying due regard to these issues.

Your hosts for this event add a question, for debate: to what extent should these controls be applied at the local level? Whilst millions are being spent in central locations on automated transaction monitoring systems, especially in retail business, and on training, it seems that much of the exposure - and indeed recent fines illustrate this - continues to be at the local level where procedures fail.

With contributions from recognised compliance experts including from CPA Audit, Tarlo Lyons, automation specialists STB Systems, and customer verification leaders Callcredit, this breakfast briefing contributes strongly to the debate the FSA has chosen to stimulate.

Participants in this free event will benefit from first hand information about the scope and direction of Discussion Paper 22 and will be able to consider the potential implications of the implied trends in best practice thinking at the local level. Please confirm your attendance by calling Karen Worth on 020 7403 2188,or by email to seminars@stbsystems.com. Space is limited: be sure to book your place by Friday 7th November.