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Validity : 20th Apr'24 to 30th Apr'24
AML in the digital currency environment
- The definition of a model validation according to the OCC
- How often a model validation should be completed according to the OCC
- The origin of the term independent verification and validation, and how that relates to today’s model validation
- Where the regulatory pressure has been to conduct an AML model validation
- What elements should be reviewed during an AML model validation
- What qualifies as a model validation, and what does not
- What a sample model validation project plan would look like
- Vendor due diligence – selecting a vendor for your AML/BSA projects
- Definition of vendor independence
- Outline the additions in Final Rule 504 as they relate to AML model validations
Overview of the webinar
This training program will discuss the history and origin of a model validation. It will also discuss the requirements by the OCC for a model validation, and what exactly a model validation should include. The session will also analyze the elements of a model validation to know what to look for in an RFP, and detail the requirements included in Final Rule 504.
Who should attend?
- BSA/AML Officers
- Compliance Officers
- Sanctions Officers
- AML Analysts
- Risk Officers
- Legal Departments
- Risk Managers
- CEOs/Presidents at Banks, Broker-Dealers, Money Services Businesses and Other Non-Bank Financial Institutions
Why should you attend?
According to the Office of the Comptroller of the Currency (OCC), “banking organizations should conduct a periodic review-at least annually but more frequently if warranted-of each model to determine it is working as intended and if the existing activities are sufficient.” This has become known in the industry as a model validation, system validation, independent verification and validation (IVV), or just validation. The challenge we’ve seen is interpreting this – what is a model, which models, what a “review” should include, etc.
As such we’ve seen a number of organizations conduct one, either internally or independently, often missing elements to the model that couldn’t possibly validate an institution’s model without them. Further, pushing regulators to require that institutions repeat their model validation.
Faculty - Mr.Craig Taggart
Craig Taggart has almost a decade of experience in the fields of mergers and acquisitions and business financing. Mr. Taggart works strategically with his clients to achieve the highest value for their business within the capital markets. His experience with BCC Capital Partners in the M&A industry has greatly contributed to his understanding of transaction structure, strategic placement of buyers, and the attainment of maximum market value for his clients.
He has represented and sold many businesses in a number of different industries and has significant experience working with companies in: continuing education, transportation, software and professional services. Mr. Taggart is currently working in the clean energy sector that covers multiple initiatives within M&A and corporate development.
He is a certified merger and acquisition advisor, accredited valuation analyst as well as an active member of Alliance of Mergers and Acquisition, and The National Association of Certified Valuators and Analysts (NACVA). Mr. Taggart has been a certified fraud examiner since 2011 and has owned an investigative franchise business, which focused on fraud based cases involving insurance, asset searches, surveillance, witness statements.