Register Now ONLINE WORKSHOP
Join our upcoming Workshop on ‘Suspicious Activity Reports and On-Site Inspection Preparedness,’ scheduled for Friday, 25 July, 2025 at 10:00 AM AST to 3:00 PM AST. Gain practical experience in preparing Suspicious Activity Reports / Suspicious Transaction Reports. Gain insights into keeping your firm ready for on-site inspections. This hands-on workshop is tailored for front-line professionals such as Compliance Officers, Compliance Analysts, Money Laundering Reporting Officers, Regulators, Financial Institutions and Designated Non-Financial Businesses and Professions.
Speakers
This comprehensive one-day training workshop will feature esteemed speakers with extensive expertise in risk-based approaches and compliance frameworks. Drawing on their vast knowledge and practical experience from various industries, they will provide invaluable insights into effective risk management strategies. The program includes interactive practical exercises and collaborative group activities to engage participants actively and deepen their understanding of key principles. A Certificate of Achievement will be issued on completion of the Workshop.
Workshop Agenda
This session will introduce participants to the foundational principles of Suspicious Activity Reports (SARs). It will cover why SARs are vital in the fight against financial crime, their role in supporting investigations by regulators, and the specific legal and regulatory requirements in the Caribbean context. Participants will leave with a clear understanding of the importance of SARs and the obligations they entail.
10:00 AM - 10:30 AM - Presentation: The Purpose and Significance of SARs
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This session will introduce participants to the foundational principles of Suspicious Activity Reports (SARs). It will cover why SARs are vital in the fight against financial crime, their role in supporting investigations by regulators, and the specific legal and regulatory requirements for filing SARs in the Caribbean context. Participants will leave with a clear understanding of the importance of SARs and the obligations they entail.
10:30 AM - 11:00 AM - Presentation: Recognizing Suspicious Activities
- Here, participants will learn how to prepare a SAR that is clear, comprehensive, and actionable. The session will focus on key elements such as concise descriptions, supporting evidence, and avoiding common errors in reporting. Practical tips will be provided to ensure SARs meet regulatory expectations and enhance the effectiveness of subsequent investigations.
11:00 AM - 11:30 AM - Practical Exercise: How to Craft an Effective SAR
- This interactive session will give participants an opportunity to apply what they have learned. Working with sample scenarios, they will draft SARs, receive feedback, and refine their skills in a supportive, guided environment. This practical exercise is designed to build confidence and competence in SAR preparation.
11:30 AM - 12:00 PM - Confidentiality, Tipping Off, and Reporting Obligations
- This critical session explores legal obligations and the concept of “tipping off.” Participants will learn why maintaining confidentiality in SAR reporting is essential and how inadvertent or intentional disclosures can compromise investigations. The session will cover legal consequences, strategies to safeguard confidentiality, and best practices to avoid tipping off individuals who are the subject of an investigation.
12:00 PM - 1:00 PM - Lunchtime Lecture: - Harnessing AI for SARs, Inspections, and Audits
- This session will explore the transformative role of artificial intelligence (AI) and technology in streamlining compliance efforts, improving efficiency, and enhancing accuracy across the SAR preparation, inspection, and audit processes.
1:00 PM - 2:00 PM - Panel Discussion: Overview of the Inspection Process
- This session will provide an in-depth look at the compliance inspection process. It will outline what DNFBPs can expect during an onsite inspection, the key areas of focus for regulators, and the rights and responsibilities of organizations throughout the process. Attendees will explore ways to build positive and transparent relationships with regulators through open communication, proactive engagement, and effectively addressing concerns during and after inspections. By demystifying inspections, this segment aims to alleviate anxiety and promote preparedness.
2:00 PM - 2:30 PM - Mock Compliance Inspection
- Participants will engage in a simulated compliance inspection to test their readiness. This role-playing exercise provides hands-on experience in responding to regulatory queries and identifying potential gaps in compliance.
2:30 PM - 3:00 PM - Addressing Identified Deficiencies
- This session covers how to respond to inspection findings constructively. Participants will develop strategies to implement corrective actions and strengthen their AML/CFT frameworks effectively.
