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Anti-Money Laundering and
Enforcement in the Capital Markets

Undertaken By Staff of the



Buenos Aires, Argentina

December 10-14, 2018

Meetings and Consultations with CNV Leadership and Senior Staff

Monday, December 10, 2018

10:00 Meetings and Consultations with CNV Leadership

Discussion of Market Oversight Priorities:

Enforcement Priorities
1. New Argentina Securities Law and potential
2. Compulsory power for testimony/documents
3. Complaints tips and referrals
4. Whistleblower/cooperation program
5. MOU with FIU
6. Failure to supervise violation
7. Handling bribery/corruption cases
8. Asset freezes
9. Protection for staff/officials
10. Manuals/forms

AML and Compliance Examinations Priorities

1. AML Typologies
2. AML Examinations
3. Risk alerts
4. Compliance officers
5. Manuals/forms

Z. Scott Birdwell
Assistant Director
U.S. Securities and Exchange Commission

Julie Preuitt
Senior Special Advisor
U.S. Securities and Exchange Commission

12:30 Lunch

2:00 Meetings with CNV Inspection and Investigation Staff.

Inspection and Investigation Process and Best Practices (see

topics above).

3:30 Break

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3:45 Meeting with CNV Legal Staff

1. New Securities Law implementation

2. Compulsory authority
3. Whistleblower program
4. Failure to supervise violations
5. Asset freezes
6. Working with FIU and criminal authorities

5:00 End of Day

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Workshops for CNV Staff and Select Invited Agencies

Tuesday, December 11

9:00 Opening Remarks

CNV Officials
US Treasury Staff

Z. Scott Birdwell
Assistant Director
U.S. Securities and Exchange Commission

Julie Preuitt
Senior Special Advisor
U.S. Securities and Exchange Commission

9:15 Best Practices for Investigating Securities Law Violations

(including predicate offenses for money laundering)

1. Jurisdiction and Legal Authority

2. Case origination
a. Complaints, tips, referrals
b. Whistleblowers
c. Cooperation tools
3. Compelling documents and testimony
4. Using bank records, phone records, emails, and other

Speaker: Birdwell

10:45 Break

11:00 Best Practices in Building an Effective Compliance Examination


1. Key Policy Provisions

2. Developing and publishing a risk alert
3. Selecting Firms for Examination
4. Encouraging a Culture of Compliance
5. Changing Behavior Through Examinations (Results!)

Speaker: Preuitt

12:30 Lunch

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2:00 Overview of Anti-Money Laundering and the Securities Industry

1. Role of the Securities Regulator

2. Rules for Industry Compliance
3. Key Components of an effective AML program at regulated entities
4. Key Risks and Red Flags
5. AML Typologies
6. Recent Enforcement Case studies

Speakers: Preuitt and Birdwell

3:30 Break

3:45 Enforcement Workshop

Hypothetical insider trading case study with audience


Speaker: Birdwell

Wednesday, December 12

9:00 Remedies: Credible Deterrence for Securities Law Violations

1. Appropriate remedies and penalties for violations

2. Civil versus criminal remedies
3. Follow the Money: Tracing, Restraining and Repatriating
Proceeds of Fraud
4. Failure to Supervise violation
5. Asset Freezes
6. Working with Criminal Authorities
7. Publication and transparency
8. Tribunals

Speaker: Birdwell

10:30: Break

10:45 Conducting Examinations from a Risk-Based Perspective

1. The Examination Process

2. Typical Conflicts of Interest
3. What to look for
4. What to do with results

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Speaker: Preuitt

12:30 Lunch

2:00 International Cooperation

1. Using the IOSCO MMOU

2. Tracing and Restraining Proceeds of Fraud

Speaker: Birdwell

3:15 Break

3:30 Examination Workshop

Hypothetical examination case study with audience participation

Speaker: Preuitt

Thursday, December 13

9:00 Financial Disclosure Fraud by Stock Issuing Companies, Including

Corrupt Payments.

1. Disclosure Fraud Overview and Case Studies

2. Role of Regulatory authorities in anti-corruption efforts
3. Books and records violations
4. Internal controls violations

Speaker: Birdwell

10:30 Break

10:45 Interview Techniques

Audience Participation

Speaker: Preuitt

12:00 Lunch

Argentina Industry Invited to Afternoon Session

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2:00 Cultivating Cooperation Between Regulatory Authorities and the

1. Whistleblower programs
2. Credit for cooperation
3. Failure to supervise

Speaker: Birdwell

3:15 Break

3:30 AML Compliance Programs and Case Studies

1. Role of Compliance Officer

2. Testing
3. Training
4. Red Flags
5. Reporting Suspicious Activity
6. Enforcement Case Studies

Speaker: Preuitt and Birdwell

5:00 End of Day

Friday, December 14

10:00 Follow up Meetings with CNV Inspection and Investigation Staff

Wrap up Discussions relating to Enforcement and Examination

process and best practices.

12:00 Lunch

2:00 Meetings and Consultations with CNV Leadership

Observations and Recommendations from the Week

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Inspection/Examination Related Forms for
Use and Discussion During Program

Examination Related Forms

1. Examination Manual and modules

2. Notice to Entities Subject to Examination by the Commission and Required to
Submit Information
3. Notice of Exam and Request for Records for an Exam of a Firm’s Anti-Money
Laundering Compliance Program
4. Sample Deposition Letter
5. Examination Information for Broker-Dealers, Transfer Agents, Clearing
Agencies, Investment Advisers, and Investment Companies
6. Examiner Ethics and Related Guidelines
7. Exit Interview Worksheet

Enforcement Related Forms

8. Enforcement Manual
9. Sample subpoena
10. Notice to Entities Subject to compulsory process by the Commission and
Required to Submit Information
11. Complaint, Tip and Referral Form

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Z. Scott Birdwell is an Assistant Director in the Office of International Affairs, U.S. Securities
and Exchange Commission. Mr. Birdwell manages the SEC’s technical assistance programs for
foreign securities and law enforcement authorities, and works on international enforcement
investigations and proceedings involving violations of both U.S. and foreign securities laws. In
this capacity he has participated in SEC technical assistance missions in over 25 countries, and
worked on over 100 international investigations and prosecutions involving insider trading,
financial reporting fraud, boiler-rooms, pyramid schemes, and market manipulation. Prior to
joining the SEC in 1999, Mr. Birdwell served as a counsel in the Trial Section at the Federal
Deposit Insurance Corporation, where he worked for ten years during the U.S. banking crisis of
the early 1990’s. He is the author of: Key Elements for Developing a Securities Market to
Drive Economic Growth, GA J. INT’L & COMP L. Vol. 39:535 (Spring 2011). He obtained his
law degree from The University of Georgia School of Law, Athens, Georgia, in 1989.

Julie A. Preuitt – is Senior Special Advisor in the Office of International Affairs. She
previously served as an Assistant Regional Director in the SEC’s Office of Compliance,
Inspections and Examinations, supervising both broker-dealer and investment advisor
examinations in the SEC’s Fort Worth, Texas Office. During her over twenty year tenure with
the SEC, Ms. Preuitt has focused her career on identifying fraudulent activities that threaten
investors and the market, and bringing those activities to the attention of senior executives within
the SEC and the US Congress. Notable examples include Ms. Preuitt's work on identifying risks
that were instrumental in the development of FINRA's day-trading rules, and identifying
fraudulent sales practices to the military which resulted in Congress outlawing periodic payment
plans. Ms. Preuitt identified and developed dozens of fraud cases, many of them novel at the
time, including mutual fund and college savings plan share class issues, variable annuity
switching, “pay to play” activities in municipal bonds, and complicated Ponzi schemes including
Stanford International Bank. Ms. Preuitt’s recent efforts have focused on rooting out oil and gas
fraud at both the issuer and the selling agent level. While living on Okinawa, Japan, Ms. Preuitt
graduated with honors in 1990 from University College University Maryland with a BA in
business with an emphasis in accounting.

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