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FinCEN’s New Cyber-Enabled SAR Guidance: Money Laundering, Reporting Expectations & More

Registration Options and Pricing

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Friday, December 2, 2016

8:00 am – 9:30 am PT
9:00 am – 10:30 am MT
10:00 am – 11:30 am CT
11:00 am – 12:30 pm ET

Cyber events and cyber-enabled crime have evolved into predicate offenses for money laundering. These must now be reported to the Financial Crimes Enforcement Network (FinCEN) via your financial institution’s suspicious activity report (SAR) process. This webinar will dissect FinCEN’s October 2016 Cyber-Events and Cyber-Enabled Crime Advisory and provide best practices for the creation and sustainment of a centralized function to address these new reporting expectations.

Continuing Education: Attendance verification for CE credits upon request

HIGHLIGHTS

  • Definition of the Financial Intelligence Unit (FIU) model for the collection, analysis, and dissemination of actionable transaction and cyber-related intelligence
  • Definition of “predicate offense” and why FinCEN’s guidance has national security implications specific to any cyber event or cyber-enabled crime
  • Deep dive discussion on new FinCEN expectations for cyber-enabled crime reporting
    • Reporting cyber-enabled crime and cyber events through SARs
    • Relevant cyber-related information in SARs (e.g., internet protocol (IP) addresses with timestamps, virtual-wallet information, and device identifiers)
    • Collaboration between BSA/AML units and in-house cyber security units to identify suspicious activity
    • Sharing information among financial institutions to guard against and report money laundering, terrorism financing, and cyber-enabled crime
  • Definitions of cyber event, cyber-enabled crime, and cyber-related information with corresponding SAR examples
  • Emerging need for an evolved “three lines of defense” model and how this new guidance may require creation of a fourth line: Cyber Intelligence Unit (CIU)
  • Overview of Joint OCC, FED, and FDIC Advanced Notice of Proposed Rulemaking (ANPR) on Enhanced Cyber Risk Management Standards specific to “interconnected” entities

  • TAKE-AWAY TOOLKIT
    • FinCEN’s October 2016 Advisory to Financial Institutions on Cyber-Events and Cyber-Enabled Crime with FAQs
    • Links to FFIEC’s BSA/AML Examination Manual InfoBase and FBI’s Internet Crime Complaint Center (IC3)
    • Joint OCC, FED, and FDIC ANPR on enhanced cyber risk management standards
    • Employee training log
    • Quiz you can administer to measure staff learning and a separate answer key

WHO SHOULD ATTEND?

This informative session is intended for electronic processing, information technology, and information security personnel, as well as auditors, compliance staff, risk staff, board members, audit committee members and BSA/AML/fraud analysts.

PLEASE NOTE:    Webinar content is subject to copyright and intended for your individual financial institution’s use only.