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BSA/AML & OFAC Compliance - Part II

In Part 2, we’ll discuss the Customer Identification Program (CIP) rules, other BSA reporting, including funds transfer recordkeeping, PEPs, pouch rules, and the Office of Foreign Asset Control (OFAC) regulations.

OnDemand
Recorded Thursday,
April 21st, 2022
Presented by Carl Pry
2h total length
2.5 CRCM Credits
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Compliance
  • Risk Management/Legal
  • Bank Legal Counsel
  • Branch Manager
  • Compliance Officer
  • Customer Service Representative
  • Facilities Manager
  • Internal Auditor
  • Loan Closer
  • Loan Operations Manager/Specialist
  • Senior Management
  • Teller
  • Trainer

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Some people might think that regulatory attention to the BSA had decreased over the past couple of years, given other difficulties and areas of concern, such as fair lending, TRID, HMDA, and UDAP. 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. This is a timely topic, as provisions of the National Defense Authorization Act (NDAA) will transform several aspects of the BSA over the coming months and years, including the Beneficial Owner rules as well as incorporating AML/CFT priorities into institutions’ BSA policies. The rulemaking processes for these changes is already underway in 2022.

In Part 2, we’ll discuss the Customer Identification Program (CIP) rules, other BSA reporting, including funds transfer recordkeeping, PEPs, pouch rules, and the Office of Foreign Asset Control (OFAC) regulations.

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

  • 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
  • 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?
  • And more

Who Should Attend

These rules impact most 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.

Carl Pry

Instructor Bio

Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Managing Director for Treliant Risk Advisors in Washington, DC. Through his working career, as well as through his experience as a banking attorney and officer, he has provided a variety of regulatory compliance and financial performance services to financial institutions and other clients throughout the country. He has written extensively regarding consumer and commercial compliance, tax, audit, and financial institution legal issues, and is a frequent contributor to and currently serves on the Editorial Advisory Board for the ABA Bank Compliance magazine. He has spoken at scores of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.

Continuing Education Credit Information

BSA/AML & OFAC Compliance - Part II has been approved for 2.5 CRCM credits. This statement is not an endorsement of this program or its sponsor. Credits are redeemable for Live attendance only. For questions on certificates, please email support@oncourselearning.com. Certification holders must report these credits at https://aba.csod.com.

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