Understand
what is required in BSA/AML reporting so you can stay compliant.
Today being a member of the board of a financial institution is fraught with many different pressures. The need to maintain effective compliance with limited resources while products and services are changing in the banking industry presents a challenge.
The growing number of financial technology firms has put pressure on financial institutions to develop new products and services. This topic is intended to the parameters of a comprehensive and effective system for compliance with BSA/AML laws.
This material discusses the fundamentals for compliance as well as ways to balance limited resources with effective outcomes. This information will be critical to compliance professionals as they develop plans for the future.
Learning Objectives:
- You will be able to identify current emphasis of the regulators and the trends that will impact the need for resources and development in the near term.
- You will be able to discuss the current status of the regulatory expectations for an effective compliance system as there are basic components a good BSA compliance system must have.
- You will be able to explain what makes a compliance system effective, including determining the proper level of resources and how the BSA compliance program can ultimately add to the bottom line when it is properly resourced.
- You will be able to review the BSA compliance program and determine whether it is effective for your institution.
This Live Webinar Covers These Hot Issues:
BSA/AML Reporting Fundamentals
Basic Duties of Board and Officers
- Establish Internal Controls and Risk Appetites
- Supervise Management
- Engage in Periodic Monitoring
- Challenge Information Presented
Regulatory Expectation
- Risk Assessment Is the Key
- Strategic Plan Must Include Compliance Considerations
- Effective Compliance Can Add to the Bottom Line (New Products and Services)
- Relating to Your Regulators
- Training Is a Key Ingredient
Regulatory Focus
- Areas That Will Always Be a Focus for Regulators
- Most Often Cited Findings
- Areas of Compliance That Can Creep up and Surprise
- Risk-Based Approaches to Compliance
Strategies for Compliance
- Increasing Resources Internally
- Outsourcing
- Testing
- Using Internal Audits Effectively
Conclusion
- Components of an Effective Compliance Program
- Making the Most of Limited Resources
- Making the Compliance Program Fit the Institution
Credit Information: (Sponsored by Lorman Education Services)
- CPE
- NASBA
For Detailed Credit Information page
click here
Only registered attendee will receive continuing education credit.
Faculty
James DeFrantz, CRCM, CAMS, J.D., Virtual Compliance Management
- 30 years of experience in financial service regulatory compliance
- Worked with money service businesses in the United States and internationally, including consulting with money remitters, Fintech lenders and foreign exchange firms
- Specialist in compliance in consumer and real estate lending; BSA; CRA; Fair Lending; consumer operations; non-deposit investment products; Note Department operations; assessment of ALL and credit approval process
- Served as a senior compliance examiner at the Federal Reserve Bank in San Francisco; as an analytical manager at the Office of Thrift Supervision; and as a commissioned national bank examiner at the Office of the Comptroller of the Currency (OCC)
- Certified Regulatory Compliance Management and Certified Anti- Money Laundering Specialist
- J.D. degree, concentration in banking and finance, University of San Francisco; B.A. degree, Dartmouth College; certificate from the Pacific Coast Banking School of Bank Management
(Not available outside the US)