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.
BSA/AML & OFAC Compliance – Part 1
What You’ll Learn
- Latest legislative and regulatory developments, especially around BOI (including the new registry) and CDD rules
- 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
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
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
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.