March 4, 2015
CBAI member Devon Bank in Chicago hosted an Iraqi delegation to discuss the legal responsibilities of American banks to detect, prevent, and report fraudulent and suspicious activity. The Iraqi delegation was visiting Chicago through the U.S. State Department’s International Visitor Leadership Program to explore best practices in government transparency and accountability and to learn strategies for addressing corruption. The 13 member delegation included representatives from the Central Bank of Iraq, Iraqi Kurdistan Parliament, Independent High Electoral Commission, Commissions on Integrity, Council of Ministers Secretariat, Supreme Board of Auditing, Arab Political Council, Baghdad Provincial Council, and the University of Basrah.
Devon Bank’s Chairman, President & CEO, David Loundy, welcomed the group and provided opening remarks, introductions, and discussed fraud monitoring at the Bank as a whole. Loundy was joined by several officers and managers (Assistant Vice President and Bank Secrecy Act Officer, Jennifer Wiedemann; Assistant Vice President and Bank Secrecy Act Administrator, Dianne Wilk; Personal Banker, Hazan Marben; and Residential Financing Specialist, Saed Alsaadi) who presented the Bank’s policies, procedures, controls and audits regarding account opening, data verification, monitoring account usage, money laundering and reporting suspicious activity (SARs). CBAI’s Vice President Federal Governmental Relations, David Schroeder, informed the delegation about how the Association supports its members in complying with laws and regulations through effective advocacy with legislators and regulators, quality education/training, and products and services.