During the 16th Annual AML and Financial Crime Conference in Vegas, ACAMS asked its members a variety of anti-money laundering/counter-terrorist financing-related polling questions. What follows are the results of each question.
Monday: Insights on Oversight—A Regulatory Roundtable on AML Trends and Issues
During the “Insights on Oversight” panel discussion on recent and upcoming regulatory changes that affect compliance functions, members were asked the following three questions. The most notable poll results were from the first question, which showed that 68 percent of the audience workstreams have begun, but their CDD implementation project is still ongoing.
Monday: ACAMS Mystery Theatre—A Thriller of a Subject
At the next session, our speakers discussed alternative payments, cybersecurity and real estate geographic targeting orders. The most notable response received was for the first question where 7 percent of participants said that their financial insitution is way behind in staying up-to-date with any AML vulnerabilities and it is a major concern.
Tuesday: Racing to the Finish—Homestretch Strategies for Implementing the CDD Final Rule
The first panel discussion on Tuesday was on developing and testing policies for determining beneficial owners and controlling persons. Two polling questions were asked during this panel. The most interesting response came from a poll question asking participants how their examiners have been while they have been preparing to comply with the CDD rule—64 percent of the audience said their examiners have not been helpful while only 4 percent said they have been very helpful in providing guidance.
Tuesday: TBML in the 21st Century—Time-tested Strategies to Combat Trade-Based Money Laundering
With discussion surrounding trade-based money laundering (TBML) training, 37 percent of participants said they do not provide specific TBML identification training, 35 percent said they conduct role-specific TBML training and 29 percent of participants said they only conduct general anti-money laundering training.
Wednesday: Culture Clash—Defending Culture of Compliance Integrity in Sales-Driven Environments
On day three of the Vegas Conference, presenters analyzed the contrasting demands of in-depth mapping of practical strategies for balancing professional, regulatory and institutional interests. When participants were asked if their institution has an incentive compensation program that recognizes compliance, 65 percent of the audience said “No,” while 32 percent said “Yes.”
Wednesday: What the Hack: Strategies for Managing Growing Cybercrime Risks
During the last panel discussion of the day, which disucussed cyber incidents and reporting, participants were asked how often they meet with their cybersecurity counterpart. Surprisingly, 42 percent of paricpants said that they do not know or have a cybersecurity counterpart.