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BSA/AML & OFAC Compliance - 3 Part Series

Some people might think that regulatory attention to the Bank Secrecy Act (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 we are now seeing the full implementation of the Beneficial Owner Information (BOI) rules, including the Treasury Department’s new registry, access to that registry, and impending rules on how to incorporate these requirements into banks’ Customer Due Diligence (CDD) programs.

Upcoming
May 24, 2024
May 29, 2024
May 31, 2024
Presented by Carl Pry
7.5 CRCM Credits
$829.00 or 3 Tokens

Includes: Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Accounting/Reporting
  • Auditing
  • Reporting
  • Controller/Accountant
  • Internal Auditor
  • Senior Management
  • Training Manager
  • Trainer

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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.

Included Webinars

  • BSA/AML & OFAC Compliance - Part 1
  • BSA/AML & OFAC Compliance - Part 2
  • BSA/AML & OFAC Compliance - Part 3

Series Details

BSA/AML & OFAC Compliance - Part 1

  • 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

  • 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

  • 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

What You'll Learn

Each webinar will offer best practices and techniques you can implement in your organization.

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.


Carl Pry

Instructor Bio

Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Senior Advisor for Treliant LLC in Washington, DC. Through his more than 30-year 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 as the Chair of 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 - 3 Part Series has been approved for 7.5 CRCM credits. This statement is not an endorsement of this program or its sponsor. Credits are redeemable for both Live and OnDemand viewing. For questions on certificates, please email support@oncourselearning.com. Certification holders must report these credits at https://aba.csod.com.