The FinCEN Travel Rule: A Deep Dive
February 16, 2021 | 12 pm ET | 1 CAMS | Register Now OR
February 18, 2021 | 3 pm ET | 1 CAMS | Register Now
The FinCEN “Travel Rule” has many requirements and nuances that can challenge and confuse new and seasoned AML compliance professionals alike. From the basics of what types of transactions fall under the Rule, to mandatory versus optional data requirements, to all the various exceptions – plus the many nuances addressed by subsequent guidance not contained in the Rule itself – compliance professionals need to understand the details of this longstanding BSA regulation.
In this webinar, Laurie Kelly, CAMS will share her knowledge and experiences gained from 20 years in leading the AML, fraud, and sanctions compliance functions for a $145 billion U.S. financial institution that processed over 15,000 funds transfers each day. She’ll provide an in-depth review of the fundamentals of the Travel Rule, and why compliance is so important to anti-money laundering. Then she will take participants on some “deep dives” into the nuances of Travel Rule compliance, such as aggregated funds transfers, non-customers, and the new requirements for compliance by the cryptocurrency industry. She’ll also explain the changes included in the October 2020 Notice of Proposed Rulemaking impacting the Travel Rule’s requirements.
At the end of the webinar, participants will:
- Understand the fundamental requirements and underlying purpose of the FinCEN Travel Rule
- Understand the definition of a funds transfer, and what types of transactions are and are not considered funds transfers for Travel Rule purposes
- Understand the circumstances where the Travel Rule does not apply
- Be aware of the proposed changes to the Travel Rule per the October 2020 NPR, including new requirements for crypto-currency/digital asset transfers
- Understand how the wire transfer data requirements of the FRB’s Fedwire system differs from those of the Travel Rule
- Learn how to comply with the Travel Rule in special situations, including aggregated transfers, transfers for non-customers, and various originator name issues