US Money Transfer Regulation Seminar
All companies that are part of the Financial Services Industry, no matter where in the world they are located, need sound professional advice on matters concerning US money transfer regulations from the point of view of a number of issues, from anti-money laundering (AML) compliance to terrorism financing control as well as a wide range of other risk management issues.
But many such companies do not realize the extent to which they – and their assets – are within Uncle Sam’s grasp. New regulations and recent developments in case law have dramatically expanded US jurisdiction and, with that, the number of financial institutions worldwide that are subject to the requirements – and penalties – of US law.
At the same time, the ever-tightening US regulatory environment has made it more and more difficult for foreign financial institutions – both banks and non-banks – to maintain some of their long-standing relationships with US banks, due to the perceived risks of the money transfer business. Beyond AML, financial services firms also face increased responsibilities regarding state licensing, consumer privacy and transparency concerns, and many other areas of US law. .
Objectives: The seminar is sponsored by Paul Hastings, the leading international law firm with 18 offices worldwide serving some of the top financial institutions in the US. The Seminar is intended to give an in-depth overview of the most important US money transfer regulations as well as the interpretations and expectations of US authorities regarding such regulations. Using examples drawn from real life, participants will receive practical advice on how to implement proper actions to prevent costly mistakes and avoid litigation risks.
Networking between attorneys in the US and those in Latin America, the Caribbean, Europe, Asia, involved in the changing landscape of the money transfer industry is also an objective of this seminar, made even more urgent with the ever increasing extra-territoriality of US law. Simultaneous Translation, english-spanish, will be available.
|Stanton Koppel is of counsel in the Paul Hastings San Francisco office. His practice focuses on advice and transactions in the financial services and payment systems area, including product design and related regulation, payment network marketing and sales agreements, risk management, technology acquisition and business acquisitions and spin-offs. He also practices in the area of corporate marketing sponsorships. See more...|
|Todd Beauchamp is member of the Corporate Department in the Atlanta office. His practice is focused on the representation of financial institutions and other financial services companies in a wide variety of transactional, regulatory and general corporate matters. He has extensive experience in the development of new products and services - electronic payments, stored value and money transmission, regularly advises clients on a wide range of state, federal and foreign regulatory issues and legislative developments, and represents clients before numerous state and federal bank regulatory agencies. See more...|
|Andrew S. Ittleman is a Founder and Partner of Fuerst Ittleman. He oversees the firm's work in White Collar Defense and Money Laundering Law. Since 2005 he has practiced alongside Mr. Fuerst in a variety of criminal and investigatory proceedings, Federal criminal forfeiture proceedings, complex commercial litigation and international civil litigation, etc. Andrew is a member in good standing of the Florida Bar, the Dade County Bar Association, the National Association of Criminal Defense Lawyers, the National Money Transmitters Association and is a Certified Anti Money Laundering Specialist. See more...|
|David Landsman has worked in different capacities in the money transfer business since 1977, with reknown companies such as Piano and Vigo Remittance, and very soon he specialized in the developing Regulatory and Compliance fields. He has become a leading expert in US Federal BSA/AML - Bank Secrecy Act & Anti-Money Laundering, State's Money Transmitter Regulations, as well as the International Compliance Rules and Regulations. He became the Executive Director of the NMTA in 2004. See more...|
|Ralph M. Fatigate is a Managing Director and Practice Leader in BDO Consulting, a division of BDO USA, in the New York office. He is responsible for the firm's Financial Institutions Practice where he oversees the Anti-Money Laundering (AML) & Regulatory Compliance practices along with the Financial Systems Technology Division, Mortgage Fraud Investigative Unit and the 1441 Tax Remediation Group. See more...|
Topics to be discussed:
Participants can propose topics to be discussed, preferably before the seminar, on matters important to them, in their daily line of work. Send us your ideas or questions: contact us.
- What is a money transmitting business? Are you sure you are one? Are you sure you are not?
- If you have a bank account in a state in the US, is your business required to become licensed there? Think twice...
- If you have corporate headquarters in a state, is your business required to become licensed there?
- If you have a license to transmit money in one state, what types of activities can you conduct in other states where you are not licensed?
- Can a foreign money transmitting business maintain bank accounts in the United States if the business is unregistered or unlicensed in the United States? Does it have to register with FINCEN?
- Concerns about US Federal Regulation and FINCEN's BSA Proposed Revisions and Proposed Rules – Cross-Border Electronic Transfers of Funds (CBETFs) and OFAC's Prohibited Transactions, Screening and Sanctions
- How concerned do we have to be with Dodd-Frank Act and the Consumer Financial Protection Regulation (Error Resolution, Disclosure, Reporting)
- What are the Regulations on the New Money Transfer Technologies on the Federal and State level (Mobile Remittances, Stored Value Cards, Internet)
- What provisions should we be careful when signing Money Transfer Correspondent Contracts between domestic and international institutions? (Licensing , Bonds)
- How concern should Domestic and International MT Institutions be with Parallel Markets/ (Hawalas and others)
- Should you be concerned with Offshore Companies, Offshore Banks (and Money coming from or going to Tax Heavens)
- Why are criminal investigations and prosecutions uniquely devastating for money services businesses?
- How to avoid Litigation Expenses in the MT industry? How to Managing Risk?
We expect participants from the US, Latin America and the Caribbean as well as some participants from Europe and Asia. Although the seminar is designed for Attorneys and Compliance Professionals, it will be very important for individuals with MT responsibilities in their organizations. If you currently advice organizations in the Money Transfer Industry - Banks, Non-Banks, MSBs, Investment Firms, Auditing Firms, etc. this seminar is a must.
Prices & details:
Participants will be encouraged to attend the Plenary Sessions of the IMTC WEST Conference on Day One (morning of Thursday, April 14th) and will meet after Lunch at the room assigned for the Seminar. On Friday, April 15th, after Lunch, some of the participants will take part of a panel in a plenary session. See AGENDA.
REGISTER EARLY to take advantage of our Discounted Prices! Need Help? Contact us!
Registration Cost: $ 995.00
If Registered By Monday, March 21, 2011 $ 945.00
Second & Third Participants from the same Company or Institution, NMTA Members, Government, Academics and NGOs, CO Summit Participants will be given a special IMTC WEST 2011 Conference Discount: Check Fees.
ACAMS Members get a US $ 100.oo Dollar Discount at check-out for Registration in the US MT Seminar and the CO SUMMIT. Please ask Zory Muñoz,CAMS for the code, here.
Clients of Paul Hastings, Fuerst Ittleman, BDO Consulting also receive a US $ 100.oo Dollar Discount. Please inquire with the firm or contact us.