Feb 14

Feb 14 Money Laundering 101

In this Compliance Clip (video), Adam provides an overview of money laundering and gives a big picture illustration of how it applies to financial institutions. This foundational explanation of money laundering gives a great practical example of how money laundering can occur and discusses the three steps illicit “actors” use to launder money in the US financial system. This clip would be a great training resource for anyone who is new to BSA to help them understand what money laundering is. In fact, Adam took these slides directly from our BSA Bootcamp, which is a 3 1/2 hour video webinar that provides a foundational overview of all BSA rules and regulations. For more foundational BSA training just like this, our BSA Bootcamp is available in our store here: www.compliancecohort.com/video-webinar-bsa-bootcamp

Jan 17

Jan 17 Beneficial Ownership for Schools

Adam Witmer

BSA

In this Compliance Clip (video), Adam discusses how the beneficial ownership rules apply to schools and school corporation. Surprisingly, the application isn’t as simple as you might think.

Jan 7
Jan 7 Back-Up BSA Officer Training Expectations

Adam Witmer

BSA

Bank Secrecy Act rules and regulations are complex, challenging, and at times, overwhelming. Not only must a BSA/AML professional be able to complete daily tasks like reviewing transactions and filing reports, but they also must be a knowledge expert in the many areas of the Bank Secrecy Act. For this reason, many financial institutions employ professionals who specialize in the Bank Secrecy Act and anti-money laundering rules and regulations.

But what happens when this specialist leaves the financial institution?

Unfortunately, financial institutions sometimes find themselves in a difficult situation when a BSA professional gets promoted or leaves their organization. This is where having continuity in BSA/AML knowledge in a financial institution is important. In fact, the FFIEC BSA Exam manual states that a BSA program should have continuity despite changes in employees. In order to do this, cross-training of employees in BSA & AML rules is essential.

Dec 13
Dec 13 FinCEN Issues Statement to Cultivate BSA/AML Innovation

Adam Witmer

BSA, Regulatory Update

On December 3, 2018 FinCEN and the joint agencies released an advisory to encourage and support the implementation of responsible innovation and new technology in the financial system. The advisory encourages banks and credit unions to take innovative approaches to their Bank Secrecy Act (BSA) programs for combating money laundering, terrorist financing, and other illicit financial threats.

Dec 7

Dec 7 Training Requirements for New BSA Officers

Adam Witmer

BSA

This Compliance Clip (video) outlines the training needed for new BSA Officers. Adam explains that there are five key areas to focus on and concludes with a new resource that can assist in training new BSA Officers.

Dec 3
Dec 3 FinCEN Reissues & Expands Geographic Targeting Orders

Adam Witmer

BSA, Regulatory Update

On November 15, 2018, FinCEN reissued a temporary geographic targeting order that requires covered U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate.

Nov 21
Nov 21 FinCEN Reissues and Expands Geographic Targeting Orders

Adam Witmer

Regulatory Update, BSA

On November 15, 2018, FinCEN reissued a temporary geographic targeting order that requires covered U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate. The new targeting order expands the coverage from seven to twelve major metropolitan areas including…

Nov 19
Nov 19 FinCEN Updates Jurisdiction List of Deficient Countries

Adam Witmer

BSA, Regulatory Update

On October 31, 2018, FinCEN released an advisory on the FATF-identified jurisdictions with AML/CFT deficiencies. This advisory, known as FIN-2018-A007, relays information to US financial institutions regarding countries the Financial Action Task Force (FATF) has identified as having deficiencies. FATF is an intergovernmental body comprised of 37 nations that work together to create…

Nov 15

Nov 15 Conducting BSA Board Training

Adam Witmer

BSA

This Compliance Clip (video) provides a number of practical tips on how to execute a good BSA training session for your Board of Directors. Adam provides three main things that could be included in Board training and explains several best practices for ensuring an effective training session. The video concludes by discussing a valuable resource that may assist some BSA Officers in training their Board.

Nov 13
Nov 13 Joint Statement on OFAC Cyber-Related Sanction Risks

Adam Witmer

BSA

On November 5, 2018, the FFIEC released a joint statement to alert financial institutions to recent actions taken by the Treasury’s Office of Foreign Assets Control (OFAC). These actions were taken under OFAC’s Cyber-Related Sanctions Program and have potential impact on financial institution’s operations, including the use of services of a sanctioned entity.