The ultimate responsibility for BSA compliance lies with the board of
directors. They must understand the importance of BSA/AML regulatory
requirements, ramifications of noncompliance, and the risks posed to your
institution. Without a general understanding, the board cannot adequately
provide BSA/AML oversight; approve related policies, procedures, and processes;
or provide sufficient BSA/AML resources. Regulators are sending a definite
signal regarding the importance of BSA compliance via recent penalties and
enforcement actions against financial institutions without strong BSA programs.
This is a must-attend session for your board and executive management team!
- Overview of the five pillars of BSA
responsibilities for establishing and reviewing your BSA compliance program
- Assessing and managing BSA/AML risks, including the impact of new products
- Considerations for banking marijuana-related businesses
Consequences of noncompliance
- 2019 BSA/AML hot topics
Dawn Kincaid, Brode Consulting Services, Inc.