BSA Deep Dive – December 2022


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Whew! It is hard to believe we have flown through another year covering key information on BSA/AML topics! Each month we take some key information from our AML TurboTalks and delve into it in more detail. What are our AML TurboTalks, you might ask? We cover the news from the past month on all things BSA-related from payments, cyber, fraud, human trafficking, marijuana, consent orders, OFAC and many other topics. Click here to learn more.

December’s Deep Dive will cover the updated Wolfsberg Correspondent Banking Principles that are applicable to not only Correspondent/Respondent relationships but also various types of relationships such as Fintechs, MSBS, Payment Service Providers, and Virtual Asset Providers (VASPS). Also included, will be the hottest topic in the Crypto World, the meteoric fall of FTX and its founder Sam Bankman-Fried. What happened? What is happening? And what does it mean for the future of crypto. This and more will be discussed. We will also delve into the OFAC penalty for Kraken and the key takeaways for financial institutions. Finally, we will cover the Global Financial Integrity report entitled “Everything Everywhere All At Once: Understanding the Implications of the Belt and Road Initiative on TBML and Illicit Supply Chains”. TBML (Trade-Based Money Laundering) is growing all the time, and we’ll discuss what it is and how it works, so you can help prevent it in your financial institution.

Our Host:

Nancy Lake has over 16 years of experience in the BSA/AML world and was CAMS certified in 2008. Nancy received her CAMS-Audit certification in 2013 and her CAMS-FCI certification in 2015. She has conducted bank wide BSA/AML training, including Board of Director training. Along with conducting monthly online training, Nancy speaks at numerous conferences through the year in the U.S., and even overseas. For six years, she was an instructor at the PA Bankers School of Banking, and for 7 ½ years Nancy served as Director of Compliance Anchor, the training and consulting division of Atlantic Community Bankers Bank. Nancy has utilized her BSA experience as an educator to assistance to financial institutions in the areas of training, risk management, and the development of sound internal programs and best practices for the past 16 years. She has previously served as BSA Officer in multiple community banks where she successfully created and implemented the entire BSA program, including one bank with numerous international MSBs. Nancy has experience working with and implementing several automated BSA/AML transaction monitoring systems. In September 2020, Nancy joined ARC Risk and Compliance as their Director of Training.

Recorded on Tue, Dec 13, 2022 2:00 PM – 3:00 PM EST


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