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, and also due to the new administration and new priorities. 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. As well, we’re seeing momentum toward (finally) modernizing several provisions of the BSA, including adjusting some long-overdue thresholds.
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.
What You’ll Learn:
– Suspicious Activity Reporting – the backbone of an effective BSA program
– Due diligence responsibilities, including Customer Due Diligence (CDD)
– Customer Identification Program (CIP) requirements
Know Your Customer:
– Beneficial Ownership rules – where we stand now and what will be changing
– Money Services Businesses (MSBs) – a special type of customer
– Funds transfer recordkeeping – more information collection
– Enhanced Due Diligence (EDD) for high-risk customers
– Selling monetary instruments for cash – collecting and retaining information
Who Should Attend:
Anyone in the institution who is involved in anti-fraud measures, including all three lines of defense, and senior management.