BSA/AML and OFAC Compliance: Two-Part Webinar

Some people might think that regulatory attention to the 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) will transform several aspects of the BSA over the coming months and 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 in 2022.

In Part 2, we’ll discuss the Customer Identification Program (CIP) rules, other BSA reporting, including funds transfer recordkeeping, PEPs, pouch rules, and the Office of Foreign Asset Control (OFAC) regulations.

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.