Overview
The financial industry is required to take an increased leading role in the prevention of money laundering and potential terrorist funding. In addition, compliance with the Bank Secrecy Act continues to be a top priority with the regulators. One major requirement of BSA is to ensure that the BSA officer and the BSA team are well-trained and qualified to carry out the duties of this critical position. The BSA/AML Fundamentals School provides the framework for understanding the BSA team’s roles and responsibilities for BSA/AML and OFAC compliance.
BSA is an on-going, ever-changing “safety and soundness” issue. This school will provide current, updated tools, techniques and “real world” practice and examples for learning the critical components of a BSA/AML program. We will review the basic BSA regulatory framework and provide you with an understanding of the BSA, OFAC and core recordkeeping and reporting requirements. During this program, the attendees will use the FFIEC BSA/AML Examination Manual and 31 CFR Chapter X, as well as receive tools, handouts and best practices.
Topics - Tuesday, Jan. 30
- Money Laundering and History of Bank Secrecy Act
- Today’s BSA Officer and Team – Understanding the Key Job Duties and Responsibilities
- The Tools of BSA – Maximizing BSA Resources
- The Role of FinCEN – Including the Shift to Joint Agency
- BSA/AML Violations and Penalties – How to Minimize the Risks
- BSA/AML Risk Assessments – Moving from Prescriptive to Risk Focused
- BSA/AML Compliance Program and Key Components
- Internal Control
- Independent Testing
- Training
- BSA Compliance Officer
Topics - Wednesday, Jan. 31
- Customer Identification Program
- Red Flags Focus
- Customer Due Diligence and Updated Beneficial Ownership
- BSA Reporting and Recordkeeping – Common Practices and Challenges
- Currency Transaction Reporting
- CTR Exemptions
- Monetary Instrument Logs
- Funds Transfers
- Suspicious Activity Reporting
- Office of Foreign Asset Control Compliance
- Hot Topics and Emerging Trends – Including Fraud and Other Illicit Financial Activity
- Record Retention
About the Instructor
Dianne Barton is president of Performance Solutions Inc., a training and consulting company that specializes in providing solutions to the key challenges facing banks in attracting and building relationships with customers. PSi’s training programs are designed to “close the gap” between the banks’ needs and employees’ skills. Her trademark real-world scenarios give participants insight into the practical application of new skills and knowledge.
CPE Continuing Education
CPE will be granted to registered attendees upon request.
Specialized Knowledge – 12 credits
Instructional Delivery Method: Group Live presented online
Prerequisites: Basic knowledge of bank practices.
Program Level: Basic
Advanced Preparation: None
submitted to American Bankers Association (ABA) Professional Certifications for CAFP, CRCM credits
For More Information
Contact the MBA Education Department at 573-636-8151 or email.