In this 3-part series, we’ll delve into every aspect of BSA and OFAC compliance, from program expectations, risk assessments, CTRs, SARs, CDD, EDD, beneficial owner rules, and much more. We’ll also talk about where the risk areas are and where examiners are criticizing institutions. Your comprehensive program must be continually updated, and we’ll make sure you have the information you need to meet expectations.
Some people might think that regulatory attention to the Bank Secrecy Act (BSA) had decreased over the past couple of years, given other difficulties and areas of concern, such as fair lending, TRID, HMDA, and UDAP. Think again. With the safety and soundness of the entire industry the focus of news stories every day and many well-publicized enforcement actions, the regulators obviously haven’t eased up. These rules are still very close to being the #1 issue facing compliance officers. This is a timely topic, as provisions of the National Defense Authorization Act (NDAA) promised to change several aspects of the BSA over the coming years, including the Beneficial Owner rules as well as incorporating AML/CFT priorities into institutions’ BSA policies. The rulemaking processes for these changes is already underway.
Series Details
BSA/AML & OFAC Compliance – Part 1
April 12, 2023, 11:00 am EDT
What You’ll Learn
- Latest legislative and regulatory developments
- Valuable resources
- Purpose of the Bank Secrecy Act
- BSA program requirements, including the 4 (5?) pillars
- The BSA risk assessment process – critical tool for compliance
- Factors and methodology of BSA risk assessment
- Currency Transaction Reporting (CTR) – hotspots and details, including exemptions
BSA/AML & OFAC Compliance – Part 2
April 27, 2023, 11:00 am EDT
What You’ll Learn
- Suspicious Activity Reporting – the backbone of an effective BSA program
- Customer Identification Program (CIP) requirements
- Due diligence responsibilities, including Customer Due Diligence (CDD) – Know Your Customer
- Beneficial Ownership rules – where we stand now and what will be changing
- Enhanced Due Diligence (EDD) for high-risk customers
- Money Services Businesses (MSBs) – a special type of customer
- Selling monetary instruments for cash – collecting and retaining information
- Funds transfer recordkeeping – more information collection
BSA/AML & OFAC Compliance – Part 3
May 10, 2023, 11:00 am EDT
What You’ll Learn
- Information sharing provisions under the USAPA
- Marijuana and hemp banking
- Elder abuse
- Human trafficking
- Digital currencies and related issues
- Identifying customers and maintaining proper evidence under CIP rules
- BSA enforcement and penalties
- OFAC rules – who and what to screen?
- Blocked & rejected transactions – what’s the difference and how do I know which to do?
- Handling sanction programs compliance
What You’ll Learn
Each webinar in the series will cover specific topics relative to the subject matter.
Who Should Attend
These rules impact anyone in your institution who has direct dealings with customers, such as Customer Service Representatives and tellers. But others are impacted as well, like loan officers and others who make important customer-related decisions. Compliance officers, auditors, attorneys, and management too will benefit from this information, as well, as they often are the ones who must draft these complex programs, administer them, and audit them.
Continuing Education (CE) Credits
This webinar is recommended for 2.5 CE Credit Hours. Each attendee will receive a Certificate of Attendance for self-reporting of CE Credits.
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