AML/CFT (BSA) Modernization, Corporate Transparency ACT Implementation, Beneficial Ownership Modernization, ERC, Check and “Other” Fraud, Elder Financial Exploitation, Human Smuggling & Human Trafficking, SAR Trends, and much more.
This manual highlights the ever-increasing federal expectations for AML/CFT (BSA). Customer/Member Due Diligence remains THE focus in AML/CFT (BSA) compliance, with the major emphasis on Suspicious Activity Reporting. The voluminous changes coming out of AMLA 2020 and the Corporate Transparency Act will be detailed. The latest guidance on Financially Motivated Sextortion, Chinese Money Laundering Networks, Convertible Virtual Currency (CVC) Kiosks for scam payments, Bulk Cash and Oil Smuggling, Deepfake Media Abuse, Elder Financial Exploitation, along with Passport Card and “Other” Fraud schemes are covered. Ongoing monitoring for Money Services Businesses (MSBs) and other “High-Risk” Clients are highlighted. Institutional risk assessments and the latest guidance on high-risk products, services, and geographies are reviewed.
Suspicious activity reporting trends and the most recent guidance from Treasury on proper Suspicious Activity Report completion are discussed. The impacts to financial institutions from the current federal BSA examination procedures are identified. The regulations affecting financial institutions from the Office of Foreign Assets Control (OFAC) are highlighted and the Sanctions Compliance Program (SCP) framework is discussed. Suspicious transactions, terrorist financing, and other money laundering techniques are also reviewed.
Currency Transaction Reporting (CTR), Exemptions from CTR reporting, Customer/Member Identification (CIP) requirements, foreign correspondent banking and private banking account management, SAR reporting requirements for insurance affiliates, record retention requirements, and the evolution of BSA are documented in detail. This seminar assists financial institutions in meeting the annual training requirements imposed by the BSA regulations and provides attendees the opportunity to network with other professionals interested in BSA compliance.
Topics
- Anti-Money Laundering Act (AMLA) 2020 Compliance
- Corporate Transparency Act Implementation
- AML/CFT National Priorities Utilization (expected to be released)
- Whistleblower Program Regulations (expected to be released)
- Modernization of the AML/CFT Regulatory Regime (expected to be released)
- Beneficial Ownership Modifications (expected to be released)
- Customer/Member Due Diligence
- Suspicious Activity Reporting (SAR) – Latest Trends and Rulings
- Money Services Businesses (MSB), Hemp and Marijuana Related Enterprises (HRE/MRE), and Other “High-Risk” Clients
- Risk Assessments
- Examination Procedures – Latest Updates
- OFAC Compliance – Sanctions Compliance Program (SCP)
- Money Laundering Techniques and Suspicious Transactions
Documentation Covering
- Currency Transaction Reporting
- CTR Exemption Opportunities
- Customer/Member Identification (CIP)
- Foreign Correspondent Bank and Private Banking EDD
- Information Sharing 314a and 314b
- SAR for Insurance Affiliates
- Record Retention Requirements
- Information Sources
- BSA ” Evolution” and “Lessons” from BSA Enforcement Actions
The Treasury Department continues to rely on financial institutions to serve as the “front-line gatekeepers” for law enforcement efforts to safeguard the U.S. financial system from the abuses of financial crimes, including money laundering and terrorist financing. The federal regulatory agencies continue to rely on financial institutions to take “every reasonable step” to identify, minimize, and manage any risks that illicit financial activity may pose to the individual institution and to the industry. Ongoing initiatives by the Financial Crimes Enforcement Network (FinCEN) and the continued expansions in the federal examination procedures reinforce the need to have a strong AML/CFT (BSA) program at your institution. This full-day update seminar covers the major issues and opportunities in the ever-expanding environment of Anti-Money Laundering and Countering the Financing of Terrorism.
