A BSA compliance program is only as effective as the person monitoring it. So, new BSA officers need to hit the ground running. A look at FinCEN’s ongoing enforcement actions and guidance serves as a good reminder of the increasing perils of an ineffective BSA program. With this webinar, new BSA officers can shift from being overwhelmed to being knowledgeable and focused on their new responsibilities.
- Discuss BSA laws and penalties
- Break down the five pillars of an effective BSA program
- Avoid common landmines
- Uncover available BSA resources
- Appreciate how law enforcement uses BSA data
The mission of the Financial Crimes Enforcement Network (FinCEN) is to “safeguard the financial system from illicit use, combat money laundering and its related crimes including terrorism, and promote national security through the strategic use of financial authorities and the collection, analysis, and dissemination of financial intelligence.” The Bank Secrecy Act (BSA) is an integral part of that mission and applies to financial institutions nationwide.
The regulation requires every financial institution to have a written, board-approved BSA program designed to ensure compliance. With the ever-changing financial services landscape, the security function must be vigilant and capable. From reporting transactions to recordkeeping and staff training to third-party software, there is much to master. The key is understanding the duties and marshalling the necessary assets.
Participants will gain insight from an attorney and “recovering” BSA officer as he guides you through the law, program requirements, essential elements of the BSA officer’s responsibilities, available resources, and highlights of the most common compliance landmines. Whether you are an experienced executive or a novice BSA officer, you are sure to benefit from this great overview of the evolving BSA responsibilities every financial institution faces daily.
David A. Reed, JD, Reed & Jolly, PLLC
Attorney, author, consultant, and nationally recognized speaker, David Reed is a partner
in the law firm of Reed & Jolly, PLLC. He provides guidance to financial institutions on
establishment and revision of policies and procedures, organizational compliance,
collections, security, contractual agreements, regulatory matters, and corporate
governance. His engaging speaking style has made him a nationwide lecturer on
regulatory compliance, consumer lending, bankruptcy, and collections.
A former trial attorney and vice president and general counsel of a large regional financial
institution, David is also a Certified Fraud Examiner. He is particularly known as an expert
in the areas of operations, bankruptcy, and collections. He has trained state and federal
examination staff on numerous issues, including BSA, ID theft red flags, SAFE Act, third-party contract management, and bankruptcy.