Building an Effective BSA/AML Compliance Program

Why Should You Attend:

In this session, participants will learn KYC/AML best practices and guidelines which focus on customer acceptance policy, identification procedures, transaction monitoring, and risk management. In brief, anyone who wants to open an account with you will undergo the same due diligence as a client opening a regular bank account. The course will detail identification processes which include:

• Scrutiny of beneficial owners
• Monitoring and looking for complex, unusually large transactions and set thresholds for transaction limits if required
• Creating risk profiles for all customers, based on low, medium and high categories
• Using information derived from their identity, social/financial status, nature of business activity, and information about each clients’ business and their location

Learning Objectives:

• Knowledge about the roles and responsibilities of an efficient, well rounded AML program.
• An in depth look at regulations and best practices.

Areas Covered in the Webinar:

• Historical context of the AML regulations
• Expectations in BSA/AML programs
• How to implement an effective program
• Best practices of an AML program
• Reporting guidelines
• Ongoing monitoring and training programs
• Examples of high risk profiles

Who Will Benefit:

• Prepaid service providers
• Pay day lenders
• Money service providers
• Regulatory compliance associates and managers
• Independent sales organizations
• CFOs and presidents of payment service providers
• Managers of payment service providers

Instructor Profile:

Armen Khachadourian is the founder and president of Digital Payments Inc, a consulting firm providing advisory services in the areas of merchant processing, ISO/MSP formation, merchant portfolio and acquiring acquisitions, prepaid and alternative payment products including decoupled debit. As a trusted partner with vision to understand his client’s future business he has helped design and evaluate several new products and services in today's changing marketplace, such as: development of connectivity products for payment cards; digitization of electronic benefit transfer and means tested programs; merchant card acceptance and capital funding solutions; cross border money transfer and bill payment services; BSA/AML best practices and guidelines; and, alternative payment products and services, prepaid and gift.

Mr. Khachadourian has also served in executive positions at several top ten financial institutions and helped them maximize growth and revenues in today’s challenging electronic payments marketplace. As a vice president of JPMorgan Chase’s Prepaid Product in Treasury Services, he was responsible for designing and launching prepaid cards in the EU market. As a senior vice president at Visa USA, he expanded card acceptance to new markets such as supermarkets, recurring payments, quick service restaurants and federal government agencies. His expertise in card products extends to issuance of credit, debit, prepaid and commercial cards.

Mr. Khachadourian earned a bachelor’s degree in mathematics and a master’s degree in computer science from the San Jose State University in California. He authored the “Basics of Data Communications” textbook and lectured at College of San Mateo, CA. He was awarded an honorary teaching credential by the State of California. Mr. Khachadourian is a member of the United States National Masters team; he has represented United States at four world championships. He is an accomplished marathon runner and tri-athlete, having completed in seven Ironman competitions.

Topic Background:

In accordance with regulatory obligations, there are strict procedures in place to minimize the risk that could be used for money laundering purposes including:

• Knowing your customer (KYC)
• Proper identification of your clients and vendors
• Monitoring and reporting suspicious transactions
• Maintaining records for at least five years
• Training staff to recognize suspicious transactions and to be aware of their reporting obligations

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