FIBA Anti-Money Laundering Conference
Currently, corporations are outsourcing processes in order to save money and streamline operations, that is why the use of 3rd party payment processors by banks has become topical for regulators. The Florida International Bankers Association (FIBA) is going to discuss this topic on February 19-20 at the annual Anti-Money Laundering Compliance Conference that will be held in Miami.
Pat Roth, FIBA’s Executive Director, explained that “financial institutions are always responsible for preventing money laundering and for detecting suspicious activity”. He also added that “when it comes to using a third party to process payments, the banks now open themselves up to another level of regulatory scrutiny and some significant compliance challenges.”
In order to find out what financial institutions should do to protect themselves, FIBA has pulled together 3 of the leading experts in this field. They will cover the topic and provide some practical insights on how banks can protect themselves from money laundering and terrorist financing.