Day 2: Advanced BSA (Part 1)
We will begin the day with a reminder of the key foundations of your BSA program and how that drives your policy and procedures when onboarding customers. We will delve into non-U.S. citizens, synthetic ID Theft, and various types of risks to consider when determining your onboarding policies and procedures. We will also cover entity concerns and beneficial ownership recent guidance and the AML provisions of the National Defense Authorization Act. We will conclude the morning with COVID Related Fraud/Cyber Security cases and red flags.
The afternoon will cover an overview of OFAC including the new list issued in December 2020. We will cover a host of BSA news articles and conclude with SAR narrative writing and FinCEN guidance issued during COVID.
Attendees will be given a variety of resources to enhance their BSA program including a SAR guidance filing summary sheet.
9:00 am – 9:15 am Introduction
9:15 am – 10:30 am Customer Onboarding (CIP/Synthetic ID Theft/Risk Considerations – Customers, Products, Services, Geographies CDD/EDD)
10:30 am – 10:45 am Break
10:45 am – 11:15 am Exam Manual Updates
11:15 am – 11:45am Beneficial Ownership Including Shell/Shelf Companies/Pandora Papers/FinCEN’s NPRM on Beneficial Ownership Reporting
11:45 am– 12:00 pm FinCEN’s ANPRM on Real Estate
12:00 pm – 1:00 pm Lunch
1:00 pm – 1:15 pm Money Laundering
1:15 pm – 1:45 pm Lessons Learned from Recent BSA/OFAC Consent Orders
1:45 pm – 2:00 pm Break
2:00 pm – 2:30 pm OFAC
2:30 pm – 3:00 pm Cyber News & Other BSA Recent News
3:00 pm – 4:30 pm Writing Effective SARs and Partnering with Law Enforcement
Recorded on Wed, Sept. 14, 2022 9:00 AM – 4:30 PM EST