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LexisNexis® and Association of Certified Anti-Money Laundering Specialists to Hold Free "Red Flags" Rule Education Seminar
Seminar will Teach Financial Services Institutions How to use Existing Processes to Comply with the recent Red Flags Rule
NEW YORK, NY, May 21, 2008 - LexisNexis® Risk & Information Analytics Group and the Association of Certified Anti-Money Laundering Specialists® (ACAMS) announced that they will host a free Web seminar to educate financial services institutions on how to comply with the "Red Flags" provisions of the Fair and Accurate Credit Transactions Act of 2003 (FACTA). The seminar is being held on Thursday, May 22nd from 2:00pm - 3:00pm ET and will feature speakers from the American Bankers Association (ABA), LexisNexis and Royal Bank of Canada (RBC).
Effective November 1st, the final Red Flags Rule requires financial institutions and creditors to be able to "identify patterns, practices, and specific forms of activity that indicate the possible existence of identity theft," and to develop and deploy effective prevention programs. They are designed to help overcome problems associated with identity theft faced by both businesses and consumers.
A recent study by the Gartner Group estimated that there were 15 million victims of identity theft in 2006 - suggesting that approximately 28 people are victimized every minute. A spring 2006 study conducted by the Identity Theft Resource Center (IDTRC) revealed that businesses lost $49,254 per victim in 2004. However, as destructive as identity theft can be to a business, the failure to comply with regulations such as the Red Flags Rule can be even more disruptive and costly.
The seminar, titled "Leveraging your Existing Processes to Comply with the Red Flags Rule," will address questions such as:
• How do financial services institutions create effective programs?
• What are the red flags financial services institutions must identify?
• How must financial services institutions follow through after one is detected?
• How will this new program fit into financial services institution's overall anti-money laundering compliance regime?
"Identity theft is on the rise, posing significant challenges to financial institutions' efforts to deploy effective anti-money laundering (AML) policies," said Gregory Calpakis, Certified Anti-Money Laundering Specialist (CAMS), executive director of ACAMS. "As the world's leading organization for certification and the career development of AML professionals, ACAMS is pleased to bring together top experts on the Red Flag Rules to help financial services institutions comply quickly and effectively."
"Our expertise in the areas of risk management and identity verification is unmatched - as evidenced by our development of InstantID, the only identity authentication solution endorsed by the American Bankers Association," said Tom Brown, vice president of financial services solutions of LexisNexis Risk and Information Analytics Group. "While the Red Flag Rules poses a challenge to financial services institutions, it is a challenge that can be easily managed with the right information. We're pleased to be able to offer our expertise to all companies struggling to make sense of the regulations."
The Web seminar will address the key areas an identity theft program needs to cover. In addition, the speakers will show attendees how to leverage existing customer identification programs (CIP) to help meet new compliance obligations, streamline overall compliance process and forge a tougher armor that can withstand hits from regulators and fraudsters.
Seminar attendance is free but space is limited. Attendees can register at: http://www.acams.org/LexisNexisWebSeminar.aspx.
About the Association of Certified Anti-Money Laundering Specialists (ACAMS)
ACAMS is an international membership organization dedicated to enhancing the knowledge and skills of AML professionals from a wide range of industries. It serves 8,500 members in 104 countries with extensive resources designed to develop and sharpen the skills required for superior job performance and career advancement. Its CAMS certification is the most widely recognized AML certification among compliance professionals worldwide. According to the ACAMS 2007 AML/CFT Compensation Survey results, CAMS-certified AML professionals earn 20% more than their non-certified counterparts. Visit the ACAMS website at www.ACAMS.org.
About LexisNexis
LexisNexis® (www.lexisnexis.com) is a leading global provider of business information solutions to a wide range of professionals in the legal, risk management, corporate, government, law enforcement, accounting and academic markets. LexisNexis originally pioneered online information with its Lexis® and Nexis® services. A member of Reed Elsevier [NYSE: ENL; NYSE: RUK] (www.reedelsevier.com), LexisNexis serves customers in more than 100 countries with 13,000 employees worldwide.
About LexisNexis Risk & Information Analytics Group
LexisNexis Risk & Information Analytics Group is a natural extension of the core competencies and technologies proven in the LexisNexis online products from the past 30 years. The LexisNexis Risk & Information Analytics Group builds on the LexisNexis tradition as a trusted provider and custodian of quality information, and leverages new cutting-edge technology, unique data and advanced scoring analytics to create total solutions to address client needs.
LexisNexis Risk & Information Analytics Group is specifically designed to serve the multi-billion dollar risk information industry which is comprised of professionals and organizations such as law enforcement, government agencies, financial services firms, collection agencies, insurance and health care providers, hiring managers, and other professionals
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