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Snow King Resort
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| TUESDAY, SEPTEMBER 2, 2008 | |
| 1:00 – 5:00 p.m. Summit Two |
Board of Directors Meeting |
| 5:00 – 6:00 p.m. Timberline Two |
Education Committee Meeting |
| 6:00 – 7:00 p.m. Teton Room/Mezzanine |
Regulators Only Reception |
| WEDNESDAY, SEPTEMBER 3, 2008 | |
| 7:30 a.m. Mezzanine |
Registration |
| 7:30 – 8:30 a.m. Hotel Lobby/Lounge |
Morning Hospitality (continental breakfast) |
| 8:30 – 9:00 a.m. Teton Room |
MTRA Business Meeting (Member States Only) |
| 9:00 – 12:15 p.m. Teton Room |
ROUNDTABLE DISCUSSIONS AND PRESENTATIONS (Member States Only)
BANK SECRECY ACT (BSA) UPDATE AND RELATIONSHIP BUILDING
BETWEEN FINCEN, IRS, STATES AND FEDERAL BANKING AGENCIES Additional Roundtable Topics will be discussed |
| 10:30 – 10:45 a.m. Mezzanine |
Morning Break for both MTRA Members and Industry |
| 9:00 – 12:15 p.m. Grand Room |
INDUSTRY ONLY MEETING Ezra Levine, Esq., Partner, Howrey, Washington, DC, moderator REGULATORY UPDATE Ezra Levine, Esq., Partner, Howrey, Washington, DC DATA ANALYSIS SECRETS FOR REGULATORS AND COMPLIANCE OFFICERS PREPARING FOR STATE ON-SITE EXAMS |
| 12:15 - 1:45 p.m. | Lunch on your own |
| 1:45 – 2:00 p.m. Grand Teton Room |
WELCOME & OPENING REMARKS Jeffrey C. Vogel, State Banking Commissioner, Wyoming Division of Banking, Cheyenne, WY |
| 2:00 – 2:15 p.m. | MTRA PRESIDENT'S ADDRESS Joseph E. Rooney, Maryland Commissioner of Financial Regulation, MD Division of Financial Regulation, Baltimore, MD |
| 2:15 – 3:15 p.m. | THE OUTLOOK FOR THE U.S. AND MEXICO ECONOMIES Adrian Sanchez, Regional Economist, FDIC Division of Insurance and Research, Dallas, TX The U.S. is Mexico's top trading partner by far. Meanwhile, money sent home by Mexican immigrants is among the top three sources of income for the Mexican economy. This flow of remittances is highly correlated with the performance of the U.S. economy. With the synchronization of these two countries in mind, Mr. Sanchez will discuss the outlook for the U.S. economy and its impact on the Mexican economy. |
| 3:15 – 3:30 p.m. Mezzanine |
Afternoon Break |
| 3:30 – 4:30 p.m. | MOBILE PAYMENTS – A PUSH TOWARDS A CASHLESS SOCIETY OR A FAD? Nick Kyrus, Deputy Commissioner, VA Bureau of Financial Institutions, State Corporation Commission, Richmond, VA, moderator Kelly Alpert, Head, Global New Market Development, Visa Inc. Chris Daniel, Esq., Chair, Payment Systems Group, Paul Hastings, Janofsky & Walker LLP, Atlanta, GA Christopher Martin, Senior VP Operations and Compliance , Obopay, Inc., Redwood City, CA Major industry players discuss the evolution of mobile payment systems, inroads and challenges. |
| 4:30 p.m. | Take the chair lift to the top of Snow King Mountain! |
| 5:00 – 7:30 p.m. | OPENING RECEPTION – All Attendees Mountaintop BBQ – Campfire Cookout Ride the chair lift to the top of Snow King Mountain where our barbeque awaits. Enjoy the beautiful panoramic view of Jackson Hole and the Teton mountain range! Dress in comfortable outdoor clothing/shoes. The mountains are cool in evening; you may want to bring a jacket. (Weather permitting. This event will be held in the tent on the grounds of the Snow King in the event of inclement weather.) |
| THURSDAY, SEPTEMBER 4, 2008 | |
| 7:30 – 8:30 a.m. Hotel Lobby/Lounge |
Morning Hospitality (continental breakfast) |
| 8:30 – 9:00 a.m. Grand Teton Room |
OFAC – A FOUR LETTER WORD YOU SHOULD KNOW AND USE Gerard (Jerry) W. LiVigni, Senior Compliance Officer, U.S. Treasury Department, Office of Foreign Assets Control (OFAC), Washington, DC This will be a presentation for the industry and the examiners addressing a common sense approach to the Office of Foreign Assets Controls (OFAC’s) issues and due diligence awareness in a "life comes at you fast" regulatory environment. |
| 9:00 – 10:30 a.m. | PRIVATE EQUITY INVESTMENTS IN MONEY TRANSMITTERS
Bob Venchiarutti, Deputy Commissioner, Money Transmitter Division, CA Department of Financial Institutions, San Francisco, CA, moderator John Bishop, Senior Administrator, Ohio Division of Financial Institutions, Columbus, OH Adam P. Coyle, an Operating Partner with the private equity firm of Advent International, Parker, CO Samish Kumar, CEO of Trans-Fast Remittance, LLC, New York, NY Donald J. Mosher, Partner, Schulte Roth & Zabel LLP, New York, NY The private equity industry has already been an important source of funding and investment for mid-sized to large money services businesses. Do these transactions represent isolated occurrences or recognizable trends? Money transmitters should be aware if such trends exist and what impact they could have on competition in the industry, product development, financing and markets served. Similarly, regulators who have not dealt with private equity companies in the past will want to know more about the private equity industry and whether it raises unique compliance concerns. This panel session is designed to bring together perspectives from the private equity industry and regulators as we discuss these questions and issues raised by recent developments. |
| 10:30 – 11:00 a.m. Mezzanine |
Morning Break |
| 11:00 a.m. – 12:00 p.m. | LICENSING, COMPLIANCE AND ENFORCEMENT: WORKING TOGETHER TO ENSURE SAFETY & SOUNDNESS Rollin Badal, Financial Examiner, MD, Office of the Commissioner of Financial Regulation, Baltimore, MD Stephen Prozeralik, Enforcement Director, MD Office of the Commissioner of Financial Regulation, Baltimore, MD Julio Hernandez, Investigator, MD Office of the Commissioner of Financial Regulation, Baltimore, MD The panel members will discuss the "beginning to end" overview of the process that a money transmitter applicant will face in the state of Maryland both pre- and post-application. The panel will start the discussion with the requirements and procedures in applying for a license. An overview of the compliance audit and what to expect will also be covered. Finally, the members will explain how the three components of the Commissioner’s Office, Licensing, Compliance and Enforcement, work together to ensure that a business operates soundly, safely and legally. A real life case of a money transmission investigation will be presented. |
| 12:15 – 1:45 p.m. Tent on Grounds |
Luncheon Luncheon Address "WALKING THE TALK" J. Keith Hughey, Associate, WHY Group, LLC, San Antonio, TX This highly popular program is based in part on Jim Collins book, Good to Great. During the address, we explore the “special things” required to make the transformation from good to great; the obstacles that frequently get in the way and how you can overcome them. At the conclusion of the presentation, each participant will have the opportunity to rate their organization in relation to the seven (7) special things needed to make the move from “Good to Great.” |
| 2:00 – 3:30 p.m. Grand Teton Room |
BRAZILIAN LAWS AND REGULATIONS AND RELATED COMPLIANCE
IMPLICATIONS IN THE OPERATIONS OF TRANSMITTERS OF MONEY ABROAD
Robert Venchiarutti, Deputy Commissioner, Money Transmitter Division, CA Department of Financial Institutions, San Francisco, CA, moderator Fabio Mello Fernandez, BSA/AML Compliance Officer, Pronto Money Transfer, Inc., Manhattan Beach, CA Paul Dwyer, CEO, Viamericas Corp., Bethesda, MD The subject of remittances to the country of Brazil remains involved in discussions of improprieties and technical compliance issues involving Brazilian laws and regulations. Licensed TMAs that are actively trying to “do it right” have suffered in the marketplace via loss of pricing power given the premium offered by illegal correspondents operating with remittances unlawfully in Brazil (Doleiros). Senders and their beneficiaries have also suffered from unwarranted delays in the settlement process, structured cash deposits in the beneficiaries accounts, settlements coming from shady businesses that report these payments as business expenses to "vendors" and problems with tax authorities in Brazil stemming from the "loss of paper trail" and irregular account activity that suggests unreported income (instead of untaxed transfers). We will discuss Brazilian laws and regulations and compliance implications in the operations of TMAs. Due diligence efforts and methodologies that will help regulators spot red flags and non-compliant operators will also be covered. |
| 3:30 – 4:00 p.m. Mezzanine |
Afternoon Break |
| 4:00 – 5:00 p.m. | BEYOND MONITORING: MONEY REMITTER PRACTICES FOR INVASIVE AGENT KNOWLEDGE Peter Ziverts, CAMS, Vice President, AML, External Partnerships & North America, The Western Union Company, Englewood, CO Due to recent regulatory and prosecutorial matters, 2008 brings the need for yet stronger, more invasive AML programs by MSBs. Tools and processes such as risk assessments, initial agent due diligence and transaction monitoring are essential, but may no longer be enough. This presentation will cover enhanced MSB best practices such as ongoing agent due diligence, risk-based agent transaction monitoring, real-time risk assessment and financial intelligence unit investigations, which can help money remitters to know their agents on a deeper level. |
| FRIDAY, SEPTEMBER 5, 2008 | |
| 7:30 – 8:30 a.m. Hotel Restaurant |
Morning Hospitality (hot breakfast buffet) |
| 8:45 – 10:00 a.m. Grand Teton Room |
THE SIGUE DPA AND FINCEN ORDER Sonya L. Allen, General Counsel, KS Office of the State Bank Commissioner, Topeka, KS, moderator Aaron Dyer, Esq., Partner, Pillsbury Winthrop Shaw Pittman LLP, Los Angeles, CA F. Robert Pargac, Esq., General Counsel, Sigue Corporation, San Fernando, CA Don Temple, Director Forensic Services, KPMG LLP, Washington, DC Deborah S. Thoren-Peden, Esq., Partner, Pillsbury Winthrop Shaw Pittman LLP, Los Angeles, CA Sigue, an international money transmitter, entered into a Deferred Prosecution Agreement with the Department of Justice and FinCEN in early 2008, which involved the payment of a $15 million fine and other commitments. The session will address the specifics of the Sigue DPA and Consent Order, discuss indicia to help identify if a company is a target of an investigation, and describe Sigue's communications and interactions with regulators and law enforcement while the investigation is ongoing. |
| 10:00 – 10:30 a.m. | Morning Break |
| 10:30 - Noon | BANKING MSB'S
Randall James, MTRA Board Vice President, moderator |
| 12:00 p.m Mezzanine |
GRAB AND GO! Mezzanine Pick up your Box Lunch and head for your afternoon tour, head for home, or just relax! |
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