BSA Consent Orders: Lessons Learned for Smaller Institutions
On-Demand Webinar
StreamedDec 6, 2024Duration90 minutes
- Unlimited & shareable access starting two business days after live stream
- Available on desktop, mobile & tablet devices 24/7
- Take-away toolkit
- Ability to download webinar video
- Presenter's contact info for questions
BSA consent orders are no joke!
They can damage a financial
institution’s reputation and pocketbook. TD Bank was recently slapped with a
$1.3 billion dollar fine and have had their reputation sullied. This webinar
will focus on lessons learned that apply to smaller institutions. Don’t miss
this chance to learn from a real-life scenario.
WEBINAR HIGHLIGHTS:
- How much should a financial institution spend on BSA/AML?
- What goes wrong when alerts backlog?
- What happens to product development?
- What happens to a financial institution’s expansion plans?
- What is the board’s role?
- What is demarketing an account? Why should this be timely?
- What are inadequate cash handling procedures?
- Can you avoid screening transactions?
- How do you monitor insiders?
- What is effective monitoring? Zelle, P-2-P, ACH, wires, and more
- What should be done about high-risk jurisdictions?
WEBINAR DETAILS
On October 10, 2024, the following was in a consent
order issued by FinCEN:
TD Bank vastly underinvested in its AML compliance efforts, with TD Bank knowingly spending an order of magnitude less than its peers. Additionally, the Bank’s AML staffing was not proportionate to its size, risk profile, and ongoing compliance concerns: during the periods of TD Bank’s most acute issues (including those related to backlogs from insufficient staffing), AML spending remained flat. […] The systemic failures of TD Bank’s AML program caused actual and material harm to the U.S. financial system. (Emphasis added.)
Would you want this statement in a public consent
order about your financial institution? This program will look at lessons
learned for smaller institutions. This 99-page consent order and $1.3 billion
fine from FinCEN has some golden nuggets for financial institutions trying to
run a good program. Join us to learn more.
WHO SHOULD ATTEND?
This informative session will
benefit BSA/AML officers, management, directors, and compliance and training staff.
TAKE-AWAY TOOLKIT
- Consent orders
- Audit checklist from consent order
- FFIEC exam manual in Word
- Employee training log
- Interactive quiz
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits
NOTE: All materials are subject to copyright. Transmission, retransmission,
or republishing of any webinar to other institutions or those not employed by
your institution is prohibited. Print materials may be copied for eligible
participants only.
TESTIMONIALS
"This was incredibly insightful and great for a BSA Officer to package up and take to their board."
- Patrick, Summit National Bank
Presented By
Gettechnical Inc.
© 2024 FINANCIAL EDUCATION & DEVELOPMENT, INC
