$100 Off BSA Bootcamp! - On Sale Now...

Adam Witmer

From now through 6/4/19, we are offering $100 off the BSA Bootcamp! A Foundational BSA/AML Class

The BSA Bootcamp! is designed to be a foundational online course on the Bank Secrecy Act and anti-money laundering (AML) rules.  Longer and more comprehensive than a typical webinar, this Compliance Class runs around 3 ½ hours and takes a deep dive into the core elements of BSA rules that any BSA/AML professional should know and understand.  

The program is broken up into five different parts and explains 1) where the BSA rules came from, 2) how risk management should be at the foundation of any BSA program, 3) what the 5 pillars of BSA are and how they should be implemented in a financial institution, 4) the key areas of a BSA/AML program, and concludes with 5) some practical tips for understanding and managing a BSA program.  The BSA Bootcamp! Includes both a comprehensive manual and 3 training videos.

Using layman’s terms and practical examples, this program is both comprehensive and easy to understand, and incorporates a bit of fun into the process.  Not to mention a few good money laundering and fraud case studies (stories) - but be sure to sign up by 6/4/19 when the $100 discount expires.

View the BSA Bootcamp! course curriculum at www.compliancecohort.com/video-webinar-bsa-bootcamp

CFPB Releases Spring 2019 Rulemaking Agenda

Adam Witmer
Regulatory Update

On May 22, 2019, the CFPB released their Spring 2019 rulemaking agenda.  This semi-annual report provides a list of regulatory matters that the CFPB anticipates having under consideration for the next year.  The Spring 2019 Agenda is broken down into three different sections including implementing statutory directives, the continuation of other rulemakings, and new projects and further planning.

The following rules are listed…

FinCEN Announces Law Enforcement Awards

Adam Witmer
BSA, Regulatory Update

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.

BSA Bootcamp to Go ON SALE Next Week

Adam Witmer

If you or someone else on your team is looking for a foundational class on the essential element’s of a financial institution’s BSA/AML program, then you might be happy to know that our BSA Bootcamp will be going on sale later this month (late May).  Designed for those looking for a fundamental BSA/AML training program (like new BSA Officers, BSA back-ups, auditors, or anyone else wanting to increase their understanding of the core BSA rules), this course covers all of the key areas a BSA professional should know including:

  • A history and overview of the Bank Secrecy Act and anti-money laundering rules

  • An explanation of BSA risk and the risk assessment process

  • The five pillars of BSA

  • Key elements of a BSA/AML program (CIP, CDD, CTRs, SARs, MILs, OFAC, ect.)

  • Tips for managing a BSA program

While this program isn’t yet on sale at this time, we wanted to give our members a heads up that the program will go on sale later this month, so you can start planning now. The full curriculum (and an overview video) can be found in our store at: https://www.compliancecohort.com/video-webinar-bsa-bootcamp.

FinCEN Provides Guidance on Convertible Virtual Securities

Adam Witmer
Regulatory Update, BSA

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.  

CFPB Proposes Debt Collection Regulations

Adam Witmer
Regulatory Update

On May 7, 2019, the CFPB released a Notice of Proposed Rulemaking to implement the Fair Debt Collection Practices Act.  This long-planned proposal would provide consumers with a number of protections such as restrictions against harassment by debt collectors as well as clear options to dispute debts.  The proposed rule would also establish “bright-line” limits that creditors must follow regarding the number of calls they can make to consumers.

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