BSA Deep Dive – January 2023


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Happy New Year, Everyone! It seems again the year is off to a busy start in the BSA world. As you know, BSA never slows down or takes a break for the holiday season. That means we have a number of topics to cover.

We will delve into the FDIC Consent Order for Shinhan Bank that was released near the end of November. The Order addressed repeat violations including qualified Board of Directors, sufficient resources (monetary, physical, and personnel), system validations, and training to name just a few areas. We will also cover the FATF Report on Money Laundering from Fentanyl and Synthetic Opioid. This ties directly into one of the FinCEN priorities, so it is of great importance.

Other topics will include: Identity Theft, FINRA’s Alert on Ransomware Risks, and the deleted FinCEN Alert on Human Smuggling (copy of the alert provided). Although nothing is final yet, we will cover FinCEN’s Proposed Rule and their NPRM regarding Beneficial Ownership. There is much discussion around these rules, so we will cover the key items of each of the rules. We hope you can join us!

All attendees are eligible for 1 non-ACAMS credit for attending and will receive a certificate of attendance to submit to ACAMS.

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, Jan 11, 2023 2:00 PM – 3:00 PM EST


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