Your lending area is busier than ever. In the midst of this chaos you are still expected to adhere to the requirements of the Bank Secrecy Act and ensure you are following your policies and procedures to protect your institution from fraud incidents.
Lenders are often the first line of defense in identifying and reporting suspicious activity at your institution, but the transaction types and method for originating a new loan is often very different from the types of transactions and account opening methods used on the deposit frontline. Therefore, it’s crucial that lending department staff receive tailored initial and annual training on BSA/AML requirements and fully understand what is expected during their day-to-day duties. This session will detail BSA/AML rule components, including red flags for mortgage and commercial loan fraud, CIP documentation, CDD rules-including documenting beneficial ownership, OFAC screening, CTR completion, and much more! Arm your lending department with the knowledge and tools needed to comply with each of these critical BSA requirements.
- Overview of the five pillars of BSA
- Identifying and report suspicious activity
- Understanding your OFAC screening responsibilities
- The importance of an accountholder risk profile
- Gathering the information required to meet beneficial ownership requirements
- Currency Transaction Reporting rules and how to avoid errors
- Red flags for hot-button, high-risk activities, including elder financial exploitation, marijuana-related businesses, human trafficking and pandemic-related fraud
- Penalties for noncompliance
Who Should Attend?
This informative session is designed for loan officers, loan operations staff, BSA officers, BSA staff, branch personnel, risk managers, compliance officers, and auditors.
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