AML/BSA compliance has been quite popular in the news lately. The Anti-Money Laundering Act of 2020 made several substantial changes to the BSA statute, and it’s now up to FinCEN and the prudential regulators to put them into practice by amending the regulation and exam procedures. Most critical is a change to the beneficial owner rules that took effect in 2018; eventually (key word there) these requirements will be shifted onto businesses to be maintained in a government database. How should financial institutions deal with that now though? As well, we’ll see changes in SAR procedures and the inclusion of federal AML priorities into individual institutions’ BSA policies. There is a lot going on – in this webinar we’ll cover the new requirements, talk about what’s coming and when, and provide recommendations on how to deal with things right now.
Covered Topics
- The AML Act of 2020 – what’s in it, what it means
- Coming regulatory changes
- Current examiner expectations
- Hot spots and developing areas of concern
- Enforcement trends and actions – what we can learn
- AML threats in digital activities and cyber
- Cannabis banking and AML expectations
- Weaknesses in CDD programs
Who Should Attend?
The program is designed for BSA Officers, Compliance Officers, Auditors, and those responsible for either overseeing BSA in general or those within the lending business units with BSA responsibilities.