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BSA/AML & OFAC Compliance: Two Part Series

In these two sessions, we'll 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.

OnDemand
March 31, 2021
April 5, 2021
Presented by Carl Pry
2h total length
5 CEU Credits
$509.00 or 2 Tokens

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

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

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This is a two-part series. The prices below are including both sessions. Each session can also be attended individually by clicking on the links below.

March 31, 2021 - BSA/AML & OFAC Compliance - Part I
April 5, 2021 - BSA/AML & OFAC Compliance - Part II

Some people might think that regulatory attention to the BSA has let up 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) are set to transform several aspects of the BSA over the coming months and years.

The new(er) Beneficial Owner rules became effective a few years ago now, injecting a new level of complexity into the mix (although these requirements are likely to be drastically changed in the near future). In fact, we can’t cover all the intricacies and details of both BSA/AML and OFAC in just one webinar. This is therefore a 2-part series, where we’ll discuss in Part 1 the Bank Secrecy Act provisions in general, including program requirements, risk assessments, CTRs, SARs, and the Beneficial Owner provisions, among other things.

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.

In both sessions, we'll 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.

Series Details

BSA/AML & OFAC Compliance - Part I

In Part 1, we'll discuss the Bank Secrecy Act provisions in general, including program requirements, risk assessments, CTRs, SARs, and the Beneficial Owner provisions, among other things.

  • BSA program requirements, including the 4 (5?) pillars
  • Updating your risk profiles, including due diligence responsibilities
  • Currency Transaction Reporting hotspots, including exemptions
  • Suspicious Activity Reporting - the backbone of an effective BSA program
  • Due diligence responsibilities, including Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) for high-risk customers
  • Selling monetary instruments for cash - collecting and retaining information
  • Money Services Businesses (MSBs) – a special type of customer
  • And more

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.

  • Funds transfer recordkeeping - more information collection
  • OFAC rules – who and what to screen?
  • Blocked & rejected transactions - what's the difference and how do I know which to do?
  • Additional USA Patriot Act requirements, such as 314(a), PEPs, and Pouch activities
  • Identifying customers and maintaining proper evidence under CIP rules
  • Regulatory reorganization of BSA rules
  • FinCEN hotspots and areas for review
  • And more

What You'll Learn

  • BSA program requirements, including the 4 (5?) pillars
  • Updating your risk profiles, including due diligence responsibilities
  • Currency Transaction Reporting hotspots, including exemptions
  • Suspicious Activity Reporting - the backbone of an effective BSA program
  • Due diligence responsibilities, including Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) for high-risk customers
  • Selling monetary instruments for cash - collecting and retaining information
  • Money Services Businesses (MSBs) – a special type of customer
  • Funds transfer recordkeeping - more information collection
  • OFAC rules – who and what to screen?
  • Blocked & rejected transactions - what's the difference and how do I know which to do?
  • Additional USA Patriot Act requirements, such as 314(a), PEPs, and Pouch activities
  • Identifying customers and maintaining proper evidence under CIP rules
  • Regulatory reorganization of BSA rules
  • FinCEN hotspots and areas for review
  • 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

Recommended for 5 CEU Credit Hours. After attending this webinar, each attendee can receive a Certificate of Attendance for self-reporting of CEU Credits.

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