Bank Secrecy Act “Hands-On” Seminar
Is your Bank ready for the new Bank Secrecy Act rules and regulations? Effective May 11, 2018 financial institutions are required to identify “beneficial owners” of legal entity customers at time of account opening and to ensure the information is accurate on an ongoing basis. The new guidance has many bankers scratching their heads as there appears to be more unanswered questions than clarity. Attend our BSA Training Seminar in October to learn practical solutions and a timely analysis of the new BSA requirements.
GET ANSWERS TO YOUR QUESTIONS AS KEITH PROVIDES WORKING EXAMPLES AND PRACTICAL SOLUTIONS TO THE NEW BENEFICIAL OWNERSHIP RULES! IN ADDITION, NETWORK WITH YOUR COLLEAGUES IN THE INDUSTRY TO COMPARE AND SHARE!
This one-day seminar covers all key elements of BSA compliance programs for non-complex community banks with community bankers in mind to take the guess work out of regulatory expectations. Attending this BSA training seminar will enable you to: Identify proper high risk customers, products, and services; Recognize common pitfalls and problem areas; Avoid common violations at an examination and meet your annual training requirement.
What constitutes an adequate BSA Compliance program and when do regulators use enforcement actions?
New BSA developments, including new regulatory updates:
- Downsides of de-risking customers
- Some tools for analyzing information related to virtual (digital) currencies—Bitcoin, etc.
- How to proactively anticipate changes in criminal behavior as activity evolves
Why is a risk assessment important and how should I keep it updated?
Review key Anti-Money Laundering regulatory changes and updates:
- New beneficial ownership due diligence rules
- Suspicious Activity Reports –new problem area, including elder abuse
Understand requirements and avoid common problem areas of:
- Currency Transaction Reports and exemptions
- Suspicious Activity Reports – new problem areas, including elder abuse and mortgage fraud, plus confidentiality rules
- Customer and Enhanced Due Diligence
- Monetary Instruments
- Funds Transfer Recordkeeping
OFFICE OF FOREIGN ASSET CONTROLS (OFAC):
- What constitutes an adequate OFAC compliance program and what will the examiners review?
- Sanctions programs, requirements, lists, and screening
- Avoid common problem areas and OFAC penalties
USA PATRIOT ACT (Customer Identification Program):
- Identification and verification requirements
- Learn how to properly handle law enforcement search request
- Understand Customer Identification Program (CIP) pitfalls
- Avoid common problem areas and common violations
Who Should Attend?
This seminar is ideally suited to compliance professionals with BSA/AML responsibilities who have a basic understanding of anti-money laundering laws and regulations, including BSA Officers, Compliance Officers, Auditors, Risk Managers and Head Tellers.