Embed Size (px)
Citation preview
WHO WE ARE?
FIBA is a non-profit trade association and international center for financial excellence. The Florida-BASED, and GLOBALLY CONNECTED, organization's membership includes the
largest financial institutions from Europe, the United States, Latin America and the Caribbean. .
OUR TEAM
Member Services Tania Maysonet
Operations EngineerPedro L. Lantigua
Conference & Events RegistrationsNina Guillen
Alexander J. BrownFront-End Developer
Institute DirectorSofia Villalobos
Director of ConferencesBelkis Lopez
OUR TEAM
MAY 059:00 AM - 12:30 PM
(MIAMI TIME)
Join us for a live virtual conference, online conversation with industry
leaders on how to best manage and mitigate US and International
Credit portfolios during a difficult financial crisis like the one we
currently face; share best practices and learn from top credit experts
about the latest technologies, processes, systems and procedures that
can help during this uncertain moment in time
MAY 0611:00 AM - 12:00 PM
(MIAMI TIME)
MANAGING CREDIT RISK IN TIMES OF CRISIS - KEY PROVISIONS IN CARES ACT FOR
SOUTH FLORIDA FINANCIAL INSTITUTIONS
Financial institutions across the United States and Latin America are facing an unprecedented
credit crisis. In this webinar, we will share best practices in managing credit risk in times of crisis
and uncertainty, with a particular focus on the key provisions in the CARES Act that impact
financial institutions in South Florida and balancing the demands of working with borrowers while
exercising appropriate risk identification and mitigation. Financial institutions in South Florida may
be disproportionately impacted by higher unemployment and problem loans due to the
concentration of jobs in the tourism, services, travel, and construction sectors, and the influence
of foreign investment in construction and real estate, which may temporarily slow. Participants will
also hear directly from credit professionals at two leading financial institutions who will share
measures that their financial institutions are taking to prepare for the crisis.RECORDED WEBINARS click here
BEFORE WE BEGIN
Submit your
questions anytime.
We’ll do Q&A all
throughout
Please complete
the exit survey, we
appreciate your
input!
We will send you
the link and ppt of
the recording after
the event
Coronavirus-related fraudWhat businesses need to know
Unfortunately, criminals see the international emergency caused by the novel Coronavirus as
an opportunity to prey on their victims. All organizations should take great care to make
themselves familiar with the trends of COVID-19-related fraud identified by U.S. and foreign
government agencies so organizations can detect criminal activity and alert law enforcement.
In addition, financial institutions should update their compliance programs and due diligence
practices in accordance with these trends of COVID-19-related fraud to prevent Government
actions for not filing the appropriate suspicious activity reports for transactions linked to COVID-19.
This webinar will give an overview of the trends of COVID-19-related fraud identified by U.S.
and foreign Government agencies, and some of the best practices that organizations canimplement to detect that criminal activity.
GEORGE DIAZ
Diaz Reus partner, George Diaz, is a highly experienced corporate
and real estate transactional and litigation attorney, handling U.S.
and international matters and disputes related to contracts, real
estate development projects, construction and financing, investment
structures, corporations, partnerships, mergers, acquisitions,
consolidations, and commercial and residential transactions. He
structures complex business transactions for real estate
development projects including project due diligence and corporate
and business entity formation. Fluent in Spanish and English, Mr.
Diaz is recognized by The Legal 500 Latin America 2019 for “Miami
firms”, and is Peer Review Rated AV Preeminent by Martindale-
Hubbell. In addition to his law practice he is a title insurance agent
for Old Republic National Title Insurance Company. He is a former
certified legal intern for the Broward County Public Defenders’ Office
and a former editorial staff member of Nova Law Review
MARTA COLOMAR GARCIA
Multifaceted bilingual international attorney, Marta Colomar-Garcia brings legal experience in the U.S., Spain, and Latin America, to her practice, which includes international commercial litigation and arbitration for multinational corporations, sovereign governments, and individuals. Ms. Colomar-Garcia is also experienced in international business transactions, corporate counseling, corporate governance, and entity formation. A frequent featured guest contributor to CNN Español and El Venezolano TV, she is also a contributor to Inter-American Dialogue’s Latin America Advisor on topics including international finance, banking, and money laundering. She is admitted to the Florida Bar, the District of Columbia Bar, the New York Bar, and the Barcelona Bar in Spain. She earned a Juris Doctor from Nova Southeastern University Shepard Broad Law Center in 2006, and a Juris Doctor degree from the Universitat de Barcelona, Facultat de Dret in 2005. Ms. Colomar-Garcia is a Certified Anti-Money Laundering Specialist (CAMS). She is AV Preeminent Rated by Martindale Hubbell Peer Review.
JAVIER CORONADO DIAZ
Javier Coronado is a bilingual litigator skillful in advocating cases,
conducting parallel investigations, advising litigation strategies, and
negotiating resolutions in complex, high-stakes criminal and civil
disputes. He brings legal experience in U.S. and Colombia to his
practice, which includes international litigation in the areas of white
collar-crime and government investigations. Mr. Coronado counsels
and represents individuals and corporations in matters involving
domestic and foreign corruption, tax evasion, anti-money laundering
laws, and financial fraud. He also advises clients in business
transactions, corporate governance, and entity formation,
particularly, in securing the client’s compliance with international,
U.S. and Colombian legal standards, regulations, and best
practices. He is also experienced in handling constitutional and
human rights litigation, including disputes before the Inter-American
Court of Human Rights. Apart from being a skilled transnational and
bicultural litigator, Mr. Coronado is a noteworthy scholar in the areas
of criminal law and procedure. He regularly serves as an adjunct
professor at Pontificia Universidad Javeriana Law School in related
courses, and writes articles and comments in the same fields for
various law journals and widely publicized newsletters such as The
Interamerican Dialogue and Latin Counsel.
CORONAVIRUS-RELATED FRAUDWHAT BUSINESSES NEED TO KNOW
Marta Colomar, Administrative Managing Partner
George Diaz, Partner
Javier Coronado Diaz, Associate Attorney
FIBA - May 1st, 2020
Info.: [email protected]
INTRODUCTION• Fraudsters take advantage of fear around the COVID-19 to steal
money from unsuspecting businesses and costumers.
• Historically, criminals seek to exploit difficult times for their owngain.
• During the 2008 financial crisis, investment fraud and otherconsumer scams were rampant.
• Fraudulent transactions increased in the wake of the 2017hurricanes and wild fires.
• Benefits fraud• Charities fraud• Cyber-Related fraud
INTRODUCTION• Governments are offering economic impact payments in connection
with the COVID-19 outbreak, creating an additional criminal niche.
• Criminals can use social engineering tactics to target their victims.
• Businesses and financial institutions have fewer resources to review anavalanche of alerts.
• Financial institutions are still required to meet their legal obligations.
• Financial institutions are also required to design and implement a“business continuity plan.”
It’s the perfect storm!
A good first step is to meet our enemy: the trends of COVID-19-relatedfraud that have been identified by government agencies.
CORONAVIRUS-RELATED FRAUDS TARGETTING BUSINESSES
Imposter Scams
• Public health scams: messages from fraudsters that claim to be from governmentagencies, international organizations, or public health offices, to solicit payments, stealpersonal information, or distribute malware.
• Charitable donations: criminals impersonating charities to solicit payments.
Example of Public Health Scam
• Government check scams: to obtain an illegal payment and/or your personal and corporateinformation, criminals call or email making false representations about economic-impact payment.
• Supply scams: websites that mimic the look of well-known online retailers to take your moneyand/or information.
• Robocall scams: illegal robocalls pitching bogus test kits, sanitation supplies, low-priced healthinsurance, work-at-home schemes, Medicare benefits, among others, to steal personal or corporateinformation.
CORONAVIRUS-RELATED FRAUDS TARGETTING BUSINESSES
Cyberattacks
• Business email scams: cybercriminals trick employees into transferring large sums ofmoney to them by impersonating CEOs and other company executives, clients, or thirdparties, in spoofed emails.
• IT scams: call or message claiming to come from a member of your technology staffasking for a password or directing the recipient to download software.
CORONAVIRUS-RELATED FRAUDS TARGETTING BUSINESSES
Example
Cyberattacks
• Telework scams: breaches of data security while working from home.
• Social media scams: social media quizzes used to collect your personal and corporateinformation, or to steal your identity.
• Zoom-Bombing: hijackers infiltrate your Zoom session to steal personal and corporateinformation.
CORONAVIRUS-RELATED FRAUDS TARGETTING BUSINESSES
Insider Trading
Insiders conducting transactions based on, or tipping others with, material non-publicinformation about the negative impacts of COVID-19 on the financial performance of shares.
CORONAVIRUS-RELATED FRAUDS TARGETTING BUSINESSES
OTHER CORONAVIRUS-RELATED CRIMESTARGETTING CLIENTS AND EMPLOYEES
Work from Home Scams
Phony work-from-home jobs promising remote work with good pay andno interview required.
Increase in Money Mule Crime
Money launderers recruit people, sometimes on the pretext of legitimateemployment, to receive deposits of illegal money into personal accounts.
Investment scams
Fraudsters touting investments in companies with products thatsupposedly can prevent, detect or cure COVID-19.
OTHER CORONAVIRUS-RELATED CRIMESTARGETTING CLIENTS AND EMPLOYEES
Product Scams
Companies selling unapproved or misbranded products that make falseclaims pertaining to COVID-19; or fraudulently marketing COVID-19-related supplies such as certain facemasks.
COVID-19 Testing schemes
Scammers contact you alleging that the government or governmentofficials require you to take a COVID-19 test
Shortage Scams - Price Gouging
Scammers stockpile items in high demand, seek out potential clients,online and in person, and sell the products at extremely high prices.
The U.S. False Claims Act imposes civil and/or criminal liability for knowingly presenting afalse or fraudulent claim or making a false record or statement material to a false orfraudulent claim.
In the wake of the COVID-19 pandemic, we may see FCA claims:
• Claims related to the health industry.
• Improper certification of compliance with eligibility requirements for relief programs.
U.S. FALSE CLAIM ACT COMPLIANCE
Recommendations
• Have an effective and updated FCA compliance program in place.
• Track and understand legislation enacted in response to the COVID-19.
• Document your compliance with new regulations and legislation.
• Document all communications to and from the government.
U.S. FALSE CLAIM ACT COMPLIANCE
ADDITIONAL RECOMMENDATIONS FOR BUSINESSES
• Look at your business model and determine where yourpoints of entry for scammers exist, and build controlsaround those vulnerabilities.
• Educate your staff and clients on the red flags.
• Partner with other business in your community to discussbest practices.
• Do not hesitate in contacting law enforcement agencies toreport unusual activity.
• Update your AML compliance programs and due diligence practices accordingly.
• Take these trends of illicit behavior into consideration for the design of their businesscontinuity plan.
• Make sure your team is familiar with your policies and procedures related to the recallof funds for fraudulent incidents.
ADDITIONAL RECOMMENDATIONS FOR FINANCIALINSTITUTIONS
• Stay on top of the relief that governments are offering for financial institutions withdifficulties in meeting regulatory reporting requirements.
• Do not hesitate to contact government agencies to communicate the regulatory challengesthat you are facing and/or any changes in your operations.
ADDITIONAL RECOMMENDATIONS FOR FINANCIALINSTITUTIONS
• MIAMI, FLORIDA
• NEW YORK, NEW YORK
• LOS ANGELES, CALIFORNIA
• WASHINGTON, D. C .
• HOUSTON, TEXAS
• SHANGHAI, CHINA
• DUBAI, UAE
• ABU DHABI, UAE
• MADRID, SPAIN
• FRANKFURT, GERMANY
• MOSCOW, RUSSIA
• RIYADH, SAUDI ARABIA
• SYDNEY, AUSTRALIA
• PRAGUE, CZECH REPUBLIC
• LAHORE, PAKISTAN
• JOHANNESBURG, SOUTH AFRICA
• CARACAS, VENEZUELA
• BOGOTA, COLOMBIA
• MEXICO CITY, MEXICO
• MONTEREY, MEXICO
• BUENOS AIRES, ARGENTINA
• SANTO DOMINGO, DOMINICAN REPUBLIC
• PANAMA, REPUBLIC OF PANAMA
• SANTIAGO, CHILE
• LIMA, PERU
• SAO PAULO, BRAZIL
• SAN PEDRO SULA, REPUBLIC OF HONDURAS
• GUATEMALA CITY, GUATEMALA
Q&A
SURVEYWe would appreciate your feedback
to improve future webinars.
The following survey will take
2 minutes of your time.
