Anti-Money Laundering Act: Update & Lessons Learned

Learn how to evaluate your institution's compliance with the AML Act provisions already in place and plan for those coming down the pike. This session will address the impact on policies, risk assessments, monitoring procedures, and training programs, as well as provide tools and examples to successfully navigate the changes.

Learning Objectives

• Identify the purpose of the AML Act and its impact on your BSA program
• Incorporate the eight AML/CFT priorities into your BSA/AML risk assessment and red flag monitoring programs
• Explain FinCEN’s 2022 final rule to implement beneficial ownership information reporting
• Understand FinCEN’s frameworks to facilitate information sharing among financial institutions and their service providers, regulators, law enforcement, and others
• Detail how virtual currency is considered in regulatory definitions and red flags you should know
• Prepare for changes being proposed to CTR and SAR reporting, including to thresholds and required fields
• Use the information and tools provided to inform your management and board of current and future changes

It’s been three years since the Anti-Money Laundering Act of 2020 (AML Act) became effective. While there have been a number of notices, advisories, reports, and rulemakings, there are many key components, which may result in additional regulation. Passage of the AML Act has already set in motion a number of issues that will impact your risk-based BSA program and potentially change recordkeeping and reporting requirements. From risk assessments to beneficial ownership to CTRs and SARs – you need to be prepared for changes big and small.