BSA Deep Dive – February 2023


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Every month we present a webinar called the AML TurboTalks that covers all the news from the previous month, which covers many topics at a very high level. In our BSA Deep Dive, we take more time to cover some of those news items in detail.

This month, many people might be thinking, “What will the final rules look like for the Beneficial Ownership (BO) requirements?” Therefore, this month’s Deep Dive will focus on the last two notifications of the Request for Comments on the application that individuals will use to request a unique identifier from FinCEN as well as the proposed report to collect BO information from reporting companies. We will also discuss concerns with the proposed rules.

Finally, we will cover information on money laundering that occurs via art and antiquities as well as the lessons learned from the consent orders for Forbright Bank and Coinbase. Other topics will include Bitzlato being designated as a “Primary Money Laundering Concern” and crypto exchanges being used or operated by sanctioned countries.

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 Wed, Feb 8, 2023 2:00 PM – 3:00 PM EST


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