“When an institution fails to uphold its compliance obligations, this creates a vulnerability – a crack in the foundation upon which our defenses against criminal abuse are built. Hence in any regulatory framework, but certainly in the AML/CFT area, it is essential that compliance expectations be backed by a credible enforcement mechanism, which in FinCEN’s case means the imposition of civil money penalties”.
James H. Fries, Jr.
Director, Financial Crimes Enforcement Network
U.S. Department of Treasury
October 05, 2011
A two-day program designed to encompass the broad range of topics included in the realm of the Bank Secrecy Act and Anti-Money Laundering.
- Designing and Implementing a BSA Program
- Completing the new Currency Transaction Report (FinCEN Form 112)
- Exempting Eligible Clients from CTR Filing
- Overview of Regulatory and Statutory Components of BSA
- Customer/Member Identification Programs
- Establishing a Risk-Based Program of Identifying and Classifying Your Clients
- Suspicious Activity Reporting – the new Form (FinCEN Form 111), and the Process
- Tools Available to Help Monitor Suspicious Activity
- How OFAC Fits into the Process
- Developing a Risk Assessment
- Recent Congressional focus and well-publicized BSA enforcement actions and fines continue to support a climate proving BSA compliance remains of paramount importance to all financial institutions. Treasury continues to rely on financial institutions to serve as the “front-line gatekeepers” for law enforcement efforts to safeguard the U.S. financial system from the abuses of financial crimes, including money laundering and terrorist financing. The federal regulatory agencies continue to rely on financial institutions to take “every reasonable step” to identify, minimize, and manage any risks that illicit financial activity may pose to the individual institution and the industry. Ongoing initiatives by the Financial Crimes Enforcement Network (FinCEN), and continued expansions of the federal examination procedures reinforce the need to have a strong BSA program at your institution.
This two-day school covers in detail the issues and opportunities in the ever-expanding environment of the Bank Secrecy Act, and reviews the entire realm of BSA from “A” to “Z”. From decades old Currency Transaction Reporting (CTR) and various recordkeeping requirements, to institutional risk assessment and client due diligence (CDD) expectations, students from the novice appointee to the tenured BSA professional will find the discussions and interactions to be of great value.
Who Should Attend
This program is designed for personnel who have management-and/or functional level responsibilities for BSA compliance and/or operations. Individuals with retail banking, risk management, compliance, audit, operational, corporate banking, and training responsibilities will benefit from this program.
Mark W. Dever, AAP, CAMS, is a Senior Consultant at PBS. Prior to joining the firm in 1996, Mr. Dever was vice president and manager of cash management operations for a multi-billion dollar regional bank holding company with several affiliates. He has extensive experience in many areas including the automated clearing house (ACH), domestic wire transfer, affiliate bank post-acquisition conversions and consolidations, bank operation centralizations, and payment system risk. He teaches a variety of PBS seminars including the ACH Processing and Compliance, Anti-Money Laundering and Bank Secrecy Act, and Managing Customer Information seminars. He has lectured at regional and national seminars, and at graduate schools of banking hosted by various bank associations and national industry groups. He has served on the faculty of both the OTS’ Compliance I School, and the FDIC’s Advanced Consumer Protection School. He has also taught undergraduate business and management classes in a community college setting. Mr. Dever is an Accredited Automated Clearing House Professional (AAP), and a Certified Anti-Money Laundering Specialist (CAMS).
INSTRUCTIONAL METHOD: GROUP-LIVE
DAY 1 PROGRAM LEVEL: BASIC
DAY 2: PROGRAM LEVEL: INTERMEDIATE
For more information visit Professional Bank Services