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.