A Bank Secrecy Act (BSA) transaction or Office of Foreign Assets Control (OFAC) sanctions screening look-back review can be costly, stressful, and time-consuming. This webinar will cover what it means to conduct an anti-money laundering (AML) transaction look-back review, the reasons why, how to avoid one, the regulatory expectations, and a recommended process. You will learn how to avoid one, but also how to optimize your time and budget should you find yourself conducting one, regardless of the reason.
Why Should You Attend:
The dreaded look-back project comes with shudders throughout the industry, but there are some commonalities that can aid an FI in the improvement of its Bank Secrecy Act (BSA) / Office of Foreign Assets Control (OFAC) program. This webinar will cover a number of those pitfalls that brought about the look-back in the first place, industry examples, and finally the opportunities to improve an effective BSA program.
Areas Covered in the Webinar:
- What is an anti-money laundering (AML) look-back
- Reasons for an AML look-back
- How to avoid an AML look-back
- Regulatory expectations of the bank
- Look-back plan considerations including experience, independence, logistics, budgeting, escalation, and conflict resolution
- The process of a look-back review
Who Will Benefit:
- AML Officer, BSA Officer, OFAC Officer, Chief Compliance Officer,
- Chief Risk Officer
- Bank President/CEO
Dr. Frank Masi, Ph.D, has over 25 years of business and technical experience and holds a doctorate in business and organizational management from Capella University. For more than 10 years, Dr. Masi has worked in the BSA, AML, and OFAC regulatory environment and has consulted in the in the financial industry providing institutions with enterprise level regulatory software solutions and consulting services in BSA, AML, KYC, the PATRIOT Act, and OFAC.
Dr. Masi is currently teaching corporate risk management and audit and compliance governance at a regionally accredited university, and compliance monitoring as part of the CCRP (Certified Compliance and Regulatory Professional) certification at Pace University. He has presented at more than 20 national conferences associated to AML and OFAC regulatory requirements. He has authored or co-authored numerous articles in the AML/OFAC industry.
During his tenure with FIS, he has worked in the roles of director of professional services managing implementation and consulting services, providing regulatory consulting and software services to the financial industry. In his previous position as product manager for FIS Risk, Fraud, and Compliance Solutions, he managed the AML and OFAC (Prime Compliance Suite) suite of products, Prime IQ, FIS OFAC Watch Products, Watchlist Reporter, Watchlist IQ, eGifts Web EDD, and Prime Data Bank Services.