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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
April 20, 2022
April 21, 2022
Presented by Carl Pry
2h total length
5.0 CRCM 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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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.

  • Latest legislative and regulatory developments
  • Purpose of the Bank Secrecy Act
  • BSA program requirements, including the 4 (5?) pillars
  • The BSA risk assessment process – factors and ratings
  • Currency Transaction Reporting hotspots, including exemptions and possible changes
  • Suspicious Activity Reporting - the backbone of an effective BSA program
  • Due diligence responsibilities, including Customer Due Diligence (CDD)

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.

  • 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

Covered Topics

  • The AML Act provisions, including changes to the Beneficial Owner rules and AML/CFT priorities – what is the status?
  • BSA program requirements, including the 4 (5?) pillars – ensuring your programs are comprehensive
  • Updating your risk profiles, including due diligence and risk assessment 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
  • Sharing information under USAPA Section 314, including potential changes
  • Particular areas of concern such as digital currency, elder abuse, and human trafficking
  • FinCEN hotspots and areas for review

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.


Credit Information

BSA/AML & OFAC Compliance: Two Part Series has been approved for 5.0 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.