05.06 - Kharon x KPMG_ondemand

US regulators have demonstrated that “check-the-box” screening is no longer sufficient for evaluating Bank Secrecy Act/Anti Money Laundering (BSA/AML) and sanctions compliance programs. The OCC, Federal Reserve, New York Department of Financial Services, and other major regulatory agencies have increased scrutiny on the effectiveness of Know Your Customer (KYC) processes, AML transaction monitoring, and sanctions screening processes.

Since releasing Supervisory Guidance on Model Risk Management in 2011, the OCC and Federal Reserve have provided little guidance to industry on addressing evolving screening expectations and new technologies that are developed to address BSA/AML and sanctions requirements. On top of the OCC/Fed requirements, NYDFS Part 504, effective 2017, has placed additional requirements for financial institutions to assess the “reasonableness, effectiveness, and relevancy” of their BSA/AML and sanctions filtering programs in accordance with their risk profiles. Industry is increasingly relying on independent and objective validations before certifying or submitting action plans to their regulators.

During this interactive session, subject matter professionals from Kharon and KPMG, along with industry leaders, discuss expectations for the model validation process and Part 504 certification process and suggestions to enhance key controls related to model configuration, data integrity, and program framework in order to improve sanctions detection effectiveness and efficiency.

SPEAKERS

 

jonas-chris.imgChris Jonas, Managing Director, KPMG

Chris is a Managing Director in KPMG LLP’s Forensic Advisory Services practice in New York, where he is a member of the Financial Crimes & Analytics group. He has more than 15 years of professional experience at KPMG, providing AML, Sanctions, and Fraud related services to the banking and finance industry.  Chris’s role at KPMG is assisting clients with solving complex business problems and introducing and enhancing financial crime technology and solutions.   More specifically, amongst many services Chris specializes in designing, building, implementing, optimizing, validating, and auditing financial crimes models, while strategically transforming financial crimes compliance operations to reflect leading industry standards.

Before joining KPMG, Chris worked at Accenture, where is was responsible for leading software development, system integration, and analytics services for Fortune 100 companies.

 

mendelsohn_headshot_SM_squareHoward Mendelsohn, Chief Client Officer, Kharon

Howard works closely with business, compliance and legal professionals to strengthen programs and controls for managing financial crime risk. Howard has over two decades of experience in combatting illicit financial activity, in both the government and the private sector. Howard served at the US Treasury Department from 2001 to 2011, including as Deputy Assistant Secretary and Assistant Secretary (Acting) for Treasury’s Office of Intelligence and Analysis. Howard led Treasury’s intelligence functions, including oversight of analytical production, risk assessment, security, and strategic planning. Following his service at Treasury, Howard held leadership positions in Enterprise Compliance at PNC Financial Services Group. He is a recognized thought leader on Financial Crime matters and speaks regularly at conferences.

 

Jocelyn-Tait-NorvalJocelyn Tait Norval, Global Screening Lead, ING  

Jocelyn is the Global Screening Lead at ING, responsible for all elements of screening. She has previously held the positions of Global Head of Sanctions, Anti-Bribery and Corruption (ABC) and Gifts and Entertainment (G&E), Head of Financial Crime Screening and OFAC Officer roles at Barclays. Jocelyn has extensive experience in designing and implementing Sanctions, ABC and Anti-Money Laundering (AML) strategies and operating models, especially in relation to screening/filtering technologies. She is a respected expert on Sanctions and Screening within industry groups, providing thought leadership and contributing to publications

 

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Joshua Shrager, Senior Vice President, Kharon

Josh works with Kharon’s key clients - including top tier financial institutions and global corporations - on strategic initiatives, while also overseeing Kharon’s thought leadership and training programs. Prior to Kharon, Josh was a director at the artificial intelligence data analytics firm Quid. Previously, Josh served in the U.S. Department of the Treasury as the Deputy Financial Attaché to Saudi Arabia, the director of the Iraq Threat Finance Cell in Baghdad, as well as various roles in Washington, DC. He also was a U.S. Department of State Foreign Service Officer, with postings in Mexico and The Gambia. Josh is an adjunct professor at American University's School of International Service. He speaks regularly at sanctions, technology, and law enforcement conferences throughout the world. He has lived in, worked, and traveled to over 70 countries.

 

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Nicole Succar, Counsel, Crowell & Moring 

Nicole Sayegh Succar is a counsel with Crowell & Moring LLP’s New York Office. Nicole provides compliance counseling and investigations services related to U.S. economic sanctions, and the Bank Secrecy Act and anti-money laundering (AML) laws and regulations. She is a former sanctions officer with the Office of Foreign Assets Control (OFAC). While at OFAC, Nicole handled complex matters relating to U.S. sanctions against Russia, Iran, North Korea, Cuba, and Syria. Before joining Crowell & Moring, she served as a senior vice president and head of U.S. economic sanctions advisory for HSBC North America Holdings, Inc. During her time with the HSBC group Nicole also held regional head positions with remit over the Asia and Latin America sanctions compliance teams. In addition to holding a J.D. from The George Washington University Law School, Nicole also holds a Master’s in International Economic Policy from The George Washington University’s Elliott School of International Affairs.