Some people might think that regulatory attention to the Bank Secrecy Act (BSA) had decreased over the past couple of years, given other difficulties and areas of concern, such as fair lending, TRID, HMDA, and UDAP. Think again. With the safety and soundness of the entire industry the focus of news stories every day and many well-publicized enforcement actions, the regulators obviously haven't eased up.
These rules are still very close to being the #1 issue facing compliance officers. This is a timely topic, as we are now seeing the full implementation of the Beneficial Owner Information (BOI) rules, including the Treasury Department’s new registry, access to that registry, and impending rules on how to incorporate these requirements into banks’ Customer Due Diligence (CDD) programs.
Series Details
BSA/AML & OFAC Compliance - Part 1
May 24, 2024 | 10:00 am - 12:00 pm CDT
Latest legislative and regulatory developments, especially around BOI (including the new registry) and CDD rules
Valuable resources
Purpose of the Bank Secrecy Act
BSA program requirements, including the 4 (5?) pillars
The BSA risk assessment process – critical tool for compliance
Factors and methodology of BSA risk assessment
Currency Transaction Reporting (CTR) – hotspots and details, including exemptions
BSA/AML & OFAC Compliance - Part 2
May 29, 2024 | 10:00 am - 12:00 pm CDT
Suspicious Activity Reporting - the backbone of an effective BSA program
Customer Identification Program (CIP) requirements
Due diligence responsibilities, including Customer Due Diligence (CDD) – Know Your Customer
Beneficial Ownership rules – where we stand now and what will be changing
Enhanced Due Diligence (EDD) for high-risk customers
Money Services Businesses (MSBs) – a special type of customer
Selling monetary instruments for cash - collecting and retaining information
Funds transfer recordkeeping - more information collection
BSA/AML & OFAC Compliance - Part 3
May 31, 2024 | 10:00 am - 12:00 pm CDT
Information sharing provisions under the USAPA
Marijuana and hemp banking
Elder abuse
Human trafficking
Digital currencies and related issues
Identifying customers and maintaining proper evidence under CIP rules
BSA enforcement and penalties
OFAC rules – who and what to screen?
Blocked & rejected transactions - what's the difference and how do I know which to do?
Handling sanction programs compliance
Instructors
Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Senior Advisor for Asurity Advisors in Washington, DC. Through his more than 30-year working career, as well as through his experience as a banking attorney and officer, he has provided a variety of regulatory compliance and financial performance services to financial institutions and other clients throughout the country.
He has written extensively regarding consumer and commercial compliance, tax, audit, and financial institution legal issues, and is a frequent contributor to and currently serves as the Chair of the Editorial Advisory Board for the ABA Bank Compliance magazine. He has spoken at scores of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.