The Five Pillars of BSA Webinar
During this webinar, we will review the pillars of BSA. The BSA/AML compliance program must be written, approved by the board of directors and noted in the board minutes. A financial institution must have a BSA/AML compliance program commensurate with its respective BSA/AML risk profile.
Webinar Description and Intended Audience
And then there were five…
During this webinar, we will review the pillars of BSA. The BSA/AML compliance program must be written, approved by the board of directors and noted in the board minutes. A financial institution must have a BSA/AML compliance program commensurate with its respective BSA/AML risk profile. Furthermore, the BSA/AML compliance program must be fully implemented and reasonably designed to meet the BSA requirements. Policy statements alone are not sufficient. Practices must coincide with the financial institution’s written policies, procedures, and processes. The BSA/AML compliance program must provide the following minimum requirements.
#1 Internal Controls Checkup:
•How do we identify banking operations (i.e., products, services, customers, entities, and geographic locations) more vulnerable to abuse by money launderers and criminals; provide for periodic updates to the financial institution’s risk profile; and provide for a BSA/AML compliance program tailored to manage risks?
•When do we inform the board of directors, or a committee thereof, and senior management, of compliance initiatives, identified compliance deficiencies, and corrective action taken, and notify directors and senior management of SARs filed?
•What regulatory recordkeeping and reporting requirements meet recommendations for BSA/AML compliance, and provide for timely updates in response to changes in regulations?
•When do we provide for adequate supervision of employees that handle currency transactions, complete reports, grant exemptions, monitor for suspicious activity, or engage in any other activity covered by the BSA and its implementing regulations?
•Who should incorporate BSA compliance into the job descriptions and performance evaluations of the financial institution’s personnel, as appropriate?
#2 Independent Testing Checkup:
•How to check the overall adequacy and effectiveness of the BSA/AML compliance program.
•What is our audit supposed to review? Which of these are important?
•Suspicious activity monitoring reports
•Large currency aggregation reports
•Monetary instrument records
•Funds transfer records
•Nonsufficient funds (NSF) reports
•Large balance fluctuation reports
•Account relationship reports
#3 BSA Compliance Officer Checkup:
•Who should have responsibilities for BSA?
•What should the title be? What qualifications do you have to have?
#4 Training Checkup:
•Who must be trained in BSA? What must each employee be trained on? How often?
•Training should include regulatory requirements and the financial institution’s internal BSA/AML policies, procedures, and processes.
•At a minimum, the financial institution’s training program must provide training for all personnel whose duties require knowledge of the BSA.
#5 Customer Due Diligence? New Pillar?
•Appropriate risk-based procedures for conducting ongoing customer due diligence, to include, but not be limited to: Understanding the nature and purpose of customer relationships for the purpose of developing a customer risk profile; and Conducting ongoing monitoring to maintain and update customer information and to identify and report suspicious transactions.
Who Should Attend?
This webinar is designed for BSA Officers, BSA Coordinators, Compliance Officers and Security Officers.
Webinar Viewing Options
INCLUDES 7 DAYS OF UNLIMITED ONDEMAND PLAYBACK! With this option, you will participate in the webinar live, via the internet. You will login to the webinar on your PC to view the PowerPoint presentation, and you have the option of using your PC speakers or a telephone for the audio. You can type and send your questions to the instructor. Many companies are now running their PC through an LCD projector allowing many employees to participate at the same time. And don’t worry if you miss the webinar, you can still view it for up to seven days after it takes place!
SIX MONTH ONDEMAND VIDEO:
With this option, you will receive an e-mail that contains a link to the PowerPoint slides (to download, print, and copy) as well as a link to the media player where you will view and hear the entire webinar just as it was delivered, featuring the full-color PowerPoint presentation with audio. You can pause, fast-forward and rewind as needed, which makes it a very effective training tool. The OnDemand Video will be available to you (and anyone else in the company) for six months and can be accessed 24/7 as many times as you wish. Delivered via e-mail the day after the webinar takes place.
If you do not have internet access or want to make the webinar part of your training library, the CD-ROM Recording is a great option for viewing a webinar. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. With this option, you will receive a download of any applicable handouts and a CD-ROM (featuring the full-color PowerPoint presentation with audio) via regular mail. Mailed 7 to 10 days after the webinar takes place.
Webinars can be scheduled and offered exclusively for your company. They can even be customized to best fit your needs. To find out more, please complete the in-house request form found in the Schedule and Registration Information section below.
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.