Directors are people, too – and they need BSA training. Their oversight
responsibilities are weighty, including approving and funding the
organization’s BSA program. It’s imperative that they understand how BSA
applies to them, the institution, accountholders, and the products offered.
- Know your institution’s BSA and OFAC responsibilities and the importance of actively
supporting efforts to fulfill them
- Understand the mandatory reporting requirements for CTRs, SARs, and OFAC
screening in order to provide appropriate resources and support
- Define money laundering, identity theft, synthetic identity fraud, and more
- Explain why BSA and OFAC compliance is critical to protect the US and worldwide
financial systems from money laundering, terrorist financing, and proliferation of
organized criminal activity
- Distinguish between lower-risk and higher-risk products, services, and
accountholders and understand the need for appropriate risk-based controls
Directors have overall responsibility for your institution’s BSA program, including
approving the program itself, funding its budget, appointing a BSA officer, and instilling a
culture of compliance. Senior management is then responsible for taking those directives
and ensuring they are practiced throughout the institution.
It is imperative that directors and senior management understand the potential threats
posed by money launderers and terrorist financers – and the institution’s’ role in
preventing bad actors from accessing the US and worldwide financial system. Without a
thorough understanding of how financial institutions can be used to funnel illicit proceeds,
hide funds, and promote illegal activity, they cannot make informed decisions about the
funding and resources necessary to meet BSA compliance requirements. Those types of
failures often result in substantial penalties to institutions and individuals. This vital
training will provide an overview of recent cases and enforcement actions, BSA program
requirements, examiner expectations, and recent advisories and guidance regarding the
ever-changing fraud and money laundering schemes.
Mary-Lou Heighes, Compliance Plus, Inc.
Mary-Lou Heighes is President and founder of Compliance Plus, Inc., which has assisted financial institutions with the development of compliance programs since 2000. She provides compliance training for trade associations and financial institutions. Mary-Lou has been an instructor at regulatory compliance schools, conducts dozens of webinars, and speaks at numerous conferences throughout the country.
Involved with financial institutions since 1989, Mary-Lou has over 25 years’ compliance experience. Before starting Compliance Plus in 2000, she spent five years working as a loan officer, marketer, and collector. She also worked at a state trade association for seven years providing compliance assistance and advising on state and federal legislative issues that affect financial institutions.