All in BSA

4 Tips for Conducting BSA Training for Directors

In this Compliance Clip (video), Adam provides four tips that can be used when conducting BSA/AML training for directors of the Board. These tips are designed to help BSA/AML professionals craft a short, sweet, and sufficient training program for the board of directors.

For those interested in more information on providing Bank Secrecy Act training to the board of directors, be sure to check out our own BSA/AML Training for Directors in our at https://www.compliancecohort.com/bsa-training-for-directors.

On May 2, 2019, OFAC released a document titled A Framework for OFAC Compliance Commitments in order to provide organizations subject to U.S. jurisdiction, as well as foreign entities that conduct business in or with the United States or U.S. persons, or that use U.S.-origin goods or services, with a framework on the essential components of a sanctions compliance program.  The document also…

On May 16, 2019, FinCEn hosted their fifth annual “Law Enforcement Awards” program which recognizes law enforcement efforts that utilize BSA reporting in criminal investigations and prosecution.  The seven award categories include significant fraud, cyber threats, SAR review team, state and local law enforcement, third party money launderers, transnational organized crime, and transnational security threats.  In their release, FinCEN describes each applicable case, which provides insight into various money laundering activity occurring in the United States.

On May 9, 2019, FinCEN issued two different pieces of guidance relating to virtual currency.  The first issuance is guidance titled “Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies,” also known as FIN-2019-G001.  The second issuance was an Advisory (FIN-2019-A003) on Illicit Activity Involving Convertible Virtual Currency.