2-Day Advanced BSA/AML School, Live Virtual
Dianne Barton, Founder and President, Performance Solutions, Inc.
Tuesday-Wednesday, August 11-12, 2020
Independent Bankers of Colorado is excited to partner with the Virginia Association of Community Banks to present this Advance BSA/AML School, a live virtual program.
This 2-day Advanced BSA/AML School is a comprehensive program that includes: BSA Hot Topics and Trends, To Bank or Not Bank High Risk Customers, Regulatory Updates, BSA/AML Priorities, Tips and Tools to Develop and Manage an Effective BSA program and much more! You will review “real world” situations and develop take-aways that can be implemented back at your bank. You will also benefit from shared knowledge, networking, and best practices.
|Tuesday, August 11, 6:30 a.m. – 1:30 p.m.
Registration and Welcome
Recap of Major BSA/AML Trends in 2019-2020
During this update, we will focus on current BSA/AML hot topics, COVID-19 impact to BSA, ML/TF trends and the supervisory and regulatory guidance that outlines the responsibility for BSA/AML compliance. This session will highlight recent FinCEN CTR updates, updated 314(a) fact sheet and additional new FinCEN initiatives impacing financial institutions.
Update of FFIEC BSA/AML Examination Manual – April 15, 2020, Step-by-Step Guide for Update Your BSA Program
This interactive session will: Highlight the April 15, 2020 update, provide a step-by-step implementation strategy, outline the key components, and develop a template of the revised sections of the Manual.
Managing Alerts and False Positives
Despite decades and billions of dollars in industry investment, over 95% of system-generated alerts are closed as “false positives” in the first phase of review, with approximately 98% of alerts never culminating in a suspicious activity report (SAR). In 2018, FinCEN issued a $185 million civil money penalty (CMP) against a large financial institution for “willfully violating the Bank Secrecy Act.” One of the primary violations uncovered was that “….Bank chose to manipulate their AML software to cap the number of suspicious activity alerts, rather than increasing staffing to comply with anti-money laundering laws in a timely manner.” This session focuses on tools and best practices for managing alert case management and identifying what might be excessive false positives for your institution and how to appropriately respond.
Learning from Recent Enforcement and Audit Findings Best Practices – Protecting Your Financial Institution – Peer Group Discussion
Often bankers comment that enforcement actions only happen to the big banks. Regulators are encouraging senior management and boards to stay abreast of enforcement actions. During this session, we will examine recent consent order(s) with specific BSA violations to share with senior management. This session also includes recommendations and best practices for on-going preparation and organization for audits and examinations. During the session you will have the opportunity to share and learn from other banks what the current hot topics are during recent BSA/AML examinations and audits.
BREAK – 45 Minutes
SAR Completion: Tips and Tools – To File or Not File
So, what are the key SAR tips, tools, and best practices for completing the SAR investigation, writing the report and the decision to file or not file these reports incorporating 2020 FinCEN updates. This session includes both key recommendations and an exercise of reviewing a SAR filing and what could have improved the narrative as well as the documentation.
Cannabis Banking – MRB, Hemp, and CBD – To Bank or Not Bank?
Marijuana continues to be one of the key topics in financial institutions with over 30 states legalizing medical or recreational marijuana. What lessons can be learned from these states? What are the risks and rewards of cannabis banking? What if you have customers that want a loan for a hemp-related business? How do you decide what to do? This session will review the current and proposed legislation as well as providing practical guideline in determining how your financial institution could service these industries.
Cannabis Banking – Update Your Policy and Procedures
This interactive sessions will result in a template for risk-based Cannabis Banking Policy and Procedures that can be tailored to the attendees’ individual banks.
More than $8 billion in AML fines handed out in 2019, with USA and UK leading the charge: Barring a massive $9 billion penalty in 2014, last year could have been a record at nearly double the overall actions and total penalty figure of the prior year. And this trend in increased penalties will continue. This session will explore both recent enforcement actions, high risk OFAC areas, as well as best practices.
Ensuring BSA Team Cross Training and Development
Regardless of a bank’s asset size, ensuring BSA compliance mandates that cross training and team development is a critical component of the BSA/AML function. This session highlights best practices and tools for on-going learning for the BSA team and documented accountability.
Evening Assignment and Wrap-Up
|Wednesday, August 12, 6:30 a.m. – 1:30 p.m.
|Recap of Day 1
Insider Abuse and Complicity and Red Flags
Sadly, there are many insider fraud schemes and related scenarios that can be perpetrated against your institution in an attempt to hide money laundering (ML) activities. Discovering employees in the early stages of their complicit acts is crucial to avoidance or mitigation of serious impact on the financial institution. During this session, we will focus on what are the insider red flags and tools, tips, and takeaways for monitoring and proactively minimizing these types of losses.
Regulatory Exam Findings and Feedback
This session highlights hot topics, examination trends, supervisory priorities and expectations, and best practices. This is your chance to learn what the focal points of your next on-site examination might be. This year’s representatives are asked to respond to 12 planned questions submitted by bankers as well as highlight key initiatives and recommendations from their respective regulatory agency.
BREAK – 45 Minutes
This session is a fast-paced, bonus session highlighting key BSA hot topics including:
Getting the Most from Your Core Provider
- Common Beneficial Ownership Challenges and Recommendations
- POATMS and MSBs Tips and Tools
- Trade-Based Money Laundering Trends
- Banking Non-Resident Aliens
- Top 5 Risk Assessments and Risk Ratings Musts
- and more…
Is your bank considering purchasing or adding AML Software? What are the pros and cons of the AML software companies? You will have an opportunity for sharing, networking, and problem solving around key challenges with core processors and BSA/AML software implementation as well as no AML software.
Elderly and Vulnerable Adults Financial Exploitation – Can We Really Make a Difference?
Elder and at-risk abuse happens every day and takes many forms. It is estimated that only one out of 10 cases of elder abuse are actually reported. As a result, no one knows exactly how many older Americans are being abused, neglected or financial exploited every year. But we do know that financial exploitation is the fastest growing form of abuse of seniors and vulnerable adults in the country today. In this session, we will discuss the financial abuse of the elderly and provide recommendations for helping combat financial exploitation of elderly and at-risk customers.
Tips, Tools, and Takeaways
During this session, sharing of best practices, tips, and tools, discussion of common challenges and opportunities will highlight the action plan for implementation back at the bank.
This session will wrap up the School and highlight upcoming proposed rulemaking and key initiatives that are on the horizon for BSA/AML.
This school will provide 14 hours of CPE Credit and you will receive a certificate of completion at the end of the program. In addition, the School assists in fulfilling the annual training requirements set forth by the BSA regulations.
WHO SHOULD ATTEND
This School is designed for those who have a working knowledge of BSA compliance including: BSA and AML Officers and support staff; compliance officers and support staff; fraud officers; internal auditors; and individuals with accountability for BSA compliance will also benefit from this program.
Dianne Barton is the Founder and President of Performance Solutions, Inc. As a former banker, her services include a broad scope including strategic planning, leadership and management development, regulatory and compliance implementations, retail growth strategies and sales and services culture development, and are recognized as “real world banking solutions.”
Dianne’s training programs are designed to “close the gap” between banks’ needs and employees’ skills. A philosophy of experiential learning and participant involvement in training led to her “TELL-SHOW-DO” training method that is skill based rather than theory based.