MONEY LAUNDERING AND ENTERPRISE RISK MANAGEMENT
IN THE NEW WORLD ORDER
Risks and Solutions for Emerging Economies

Thursday 23rd and Friday 24th March 2006
Raiffeisen Zentralbank Österreich, Vienna


Today, corporate globalisation is an every-day reality, and there is now a new recognition that global business is required to respond to global compliance standards, if companies are to be able to achieve their ambitions and meet their challenges.

The respective EU Money Laundering Directives, and the Patriot Act in the USA, have all defined a whole new level of anti-money laundering ‘best practice’, and these standards have been encapsulated in the FATF requirements, which in turn have become mandated standards of compliance in all countries which subscribe to FATF recognition.

Global compliance standards have become de facto measures whereby banks and financial institutions are judged by their correspondent account holders. Indeed, any deviation from accepted norms can mean that such institutions find themselves being frozen out of practical financial clearing mechanisms, not only putting their clients at risk but also posing huge threats to their own future operations.

Against this background this important new conference brings together risk management professionals from a wide cross-section of the financial sector. Its aim is to identify specific areas of risk management practice and to provide a platform for debate and discussion on what amounts to ‘best practice’ and how it can be best achieved.

Its format amplifies the new approach towards the identification of operational risk, which is that by first identifying the holistic nature of the risks which face the industry sector, the practitioner can be allowed to ‘drill down’ to those areas of his or her practice where they are most closely engaged. By allowing practitioners to engage first with the ‘big picture’, their understanding of their own specific area of responsibility is enhanced and amplified.

In this context, the conference will demonstrate how the new global picture of AML regulation now has an impact upon countries which may genuinely believe that they are already doing enough to maintain a ‘best-practice’ standard. By examining the implications of the new Directives and Patriot Act impositions, the programme will then focus on methods and systems with which financial practitioners can ensure they are not only doing their best within their own jurisdictions, but are also meeting the draconian requirements of global standards of AML interdiction.

The conference is focused on the Central and Eastern European markets, but also includes Scandinavia, the Baltics and Russia. These regions have most recently witnessed the imperative impacts of the US Patriot legislation, and a number of banks in the Russian and Baltic regions have been singled out for specialist exclusionary action by the US Secretary for the Treasury.

The aim of the event is to focus attention on a range of financial risk areas, and to define and identify practical ways in which such risks can be managed and mitigated, thus providing their users with the best possible protection from international regulatory oversight and cross-border investigations.

Don’t miss out on this important opportunity to learn about the risk management initiatives taking place across the financial sector in YOUR region, and how specific anti-money laundering measures can fit into the wider enterprise risk management picture in YOUR company. Discuss with your counterparts from different countries the way that YOUR business is developing - now and into the future.

We look forward to welcoming you in Vienna in March.