Through FinCEN, staff are tasked with being the “eyes and ears” of the institution in the ongoing effort to stem the growing tide of money laundering. Job-specific training, as emphasized in the BSA Examination Manual, is critical to achieving this goal.
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Bank Secrecy Act/anti-money laundering (BSA/AML) challenges are complex. Regulators stress the importance of BSA compliance via recent penalties and enforcement actions. Staff must be fully prepared to fulfill their part in compliance, due diligence, monitoring, and reporting money-laundering activities. Drug trafficking, terrorist activities, identity theft, and cybercrimes continue to be focus areas for law enforcement and regulators. This unique series will give everyone from tellers to the chairman of the board the insights, skills, and tools necessary to meet the challenge.
- Job-Specific BSA Training for Operations Staff
- Job-Specific BSA Training for the Frontline
- Job-Specific BSA Training for Lenders
- Job-Specific BSA Training for Senior Management & Directors
Session Dates & Descriptions
Webinars start at: Noon Pacific – 1 PM Mountain – 2 PM Central – 3 PM Eastern
Click on presenters’ names below for more information.
July 21, 2021
Job-Specific BSA Training for Operations Staff
Dawn Kincaid, Brode Consulting Services, Inc.
The Bank Secrecy Act impacts all areas of your institution. As a member of the operations team, you are not only responsible for identifying and reporting suspicious activity in ACH, debit card, and electronic banking, but are also responsible for supporting the lending, deposit, and compliance staff in researching suspicious transactions. Therefore, it’s crucial that operations staff receive tailored annual (and initial) training on BSA/AML requirements and fully understand day-to-day expectations. This session will detail the BSA/AML rule components, red flags for funds transfer and electronic transaction fraud, CIP documentation, and CDD rules, including documenting beneficial ownership, OFAC screening, CTR completion, and much more!
August 24, 2021
Job-Specific BSA Training for the Frontline
Mary-Lou Heighes, Compliance Plus, Inc.
BSA compliance remains one of the hottest topics for examiners and auditors. Frontline staff are considered the first tier in identifying, preventing, and mitigating potential money laundering and terrorist financing activities. This webinar will explain the specific requirements of their job duties related directly to BSA/AML and anti-terrorist financing compliance. From opening accounts, due diligence, and recognizing when enhanced due diligence may be necessary, to red flags for account opening and transactions, this webinar will teach staff their responsibilities. It will address the reasons behind the tasks they are asked to do and, most importantly, provide useful tools and red flag takeaways to help them do it. FinCEN guidance on human trafficking, unemployment insurance fraud, and other COVID-19-related red flags highlight the need to keep abreast of recent developments, frauds, and money-laundering techniques and trends. This could be the most important training your frontline receives all year!
September 16, 2021
Job-Specific BSA Training for Lenders
Susan Costonis, Compliance Consulting and Training for Financial Institutions
During exams, BSA examiners have been digging deeper and have begun to ask more questions about the lending function. Could an examiner find loan fraud that has gone undetected by your due diligence process? Is there a system for identifying false statements and attempts at identity theft on loan applications? Do lenders know that these activities may require filing a suspicious activity report? Is the process for documenting beneficial ownership effective? This program will address five important reasons that BSA training must be provided for lenders.
October 19, 2021
Job-Specific BSA Training for Senior Management & Directors
Mary-Lou Heighes, Compliance Plus, Inc.
Directors have overall responsibility for your institution’s BSA program, including approving the program itself, funding its budget, appointing a BSA officer, and instilling a culture of compliance. Senior management is then responsible for taking those directives and ensuring they are practiced throughout the institution.
It is imperative that directors and senior management understand the potential threats posed by money launderers and terrorist financers – and the institution’s’ role in preventing bad actors from accessing the US and worldwide financial system. Without a thorough understanding of how financial institutions can be used to funnel illicit proceeds, hide funds, and promote illegal activity, they cannot make informed decisions about the funding and resources necessary to meet BSA compliance requirements. Those types of failures often result in substantial penalties to institutions and individuals. This vital training will provide an overview of recent cases and enforcement actions, BSA program requirements, examiner expectations, and recent advisories and guidances regarding the ever-changing fraud and money laundering schemes.