Compliance Caribbean

Introduction

This interactive workshop provides participants with the opportunity to ask practical questions and receive hands-on guidance in preparing, creating and updating the SARA. Next the focus is on translating these identified risks into concrete and effective mitigating measures. The emphasis is on collaboratively developing practical strategies that not only comply with the CBCS guidelines but also align with the specific needs and risks of your organization.

Content

Last year the CBCS published a new draft guideline: CBCS Guidance in the systematic AML/CFT/CFP Risk Assessment (SARA). The first step in the risk management process is to identify and analyze the ML/TF/PF risks by means of a SARA. This assessment enables the institution to comply with (legal) requirements in a risk-based manner. To adequately carry out a SARA, an institution will conduct and document an assessment of its overall exposure to ML/TF/PF risks to its organizational structure, its corporate culture, its customers, the jurisdictions with which its customers are connected, its products and services, and how it delivers those products and services. 

“De Nederlandsche Bank” obligates financial service providers to create, maintain a Systematic Integrity Risk Analysis (SIRA). During this training we will explain the difference between the SARA and SIRA and how to perform both analysis. We will discuss the different models and scenarios and also how to implement these strategies.

We will discuss topics like

1. Increased Transparency & Close Legal and Regulatory Gaps.
2. Make your AML/CFT Regulatory Framework more efficient and effective.
3. Enhance operational effectiveness.
4. Support technological innovation!
5. Key obligations.
6. The Business Risk Assessment.
7. Establish the AML/CFT Strategy.
8. Maintain the AML/CFT Strategy.

Based on the strategy the board / senior management must organize and control the service provider effectively, including establishing and maintaining appropriate and effective AML/CFT policies.

Workshop Benefits

1. Individual Guidance: Receive personal assistance in addressing specific implementation challenges relevant to your organization.
2. Practical Solutions: Obtain concrete and practical solutions for translating guidelines into action, with a focus on a risk-based approach.
3. Interactive Discussions: Participate in discussions with experts and fellow professionals to share experiences and explore solutions together.
4. Immediate Applicability: Benefit from insights and strategies that can be directly integrated into your compliance processes.
5. Knowledge Sharing: Take advantage of the opportunity to share knowledge and experiences with other participants, creating a valuable network.

Target group

• Business owners
• Board members
• Compliance officers
• Reporting officers