BSA Officer Part 1: BSA Update for BSA Officers

BSA officers are essential to your financial institution’s regulatory compliance and risk mitigation. They must be aware of the highest-risk areas, including cybercrime, money laundering, human trafficking, marijuana-related businesses, and more. Therefore, it’s critical they receive regular training and status updates. This webinar will provide both!

Learning Objectives

• Define your institution’s current BSA/AML risks and the impact of pending BSA regulation and changes
• Apply best practices to identify and monitor high-risk accountholders
• Review updated chapters to the BSA/AML exam manual
• Explain the impact the AML Act may have on your current BSA/AML program
• Understand the highest risk areas facing your institution, including cybercrime, marijuana-related businesses, human trafficking, and cryptocurrency
• Use the information and tools provided to inform management and directors of current and future changes

Managing effective dates and timelines that change in an instant, updating policies and procedures to reflect new requirements, pushing information out to staff members, monitoring accountholder transactions for anything suspicious, and staying informed of the next change, advisory, or piece of guidance are just some of a BSA/AML officer’s many duties. Each day these officers work to manage and implement the many facets of BSA/AML regulation, review guidance, and scan through mountains of monitoring reports – all to protect your financial institution from violations. But since they often wear many hats, it’s easy for a monthly review or that annual report to slip through the cracks.

This session will review recent citations and issues real life BSA officers are experiencing so you can focus your time and efforts. It will also address the importance of communication between the BSA officer and the board in establishing a culture of compliance that meets examiners’ expectations for directors.