OFAC Announces Framework for Compliance

Adam Witmer
BSA, Regulatory Update

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…

Huge Savings! BSA Bootcamp & Private Flood Insurance Now On Sale

Adam Witmer

From now through Wednesday June 12, two of our Compliance Classes are on sale: 1) $100 off our BSA Bootcamp and 2) our Private Flood Insurance 2019 Final Rule program is discounted to $209 (from the regular price of $249).

The BSA Bootcamp! is a foundational 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.  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). View the BSA Bootcamp! course curriculum at www.compliancecohort.com/video-webinar-bsa-bootcamp.

Our “Private Flood Insurance 2019 Final Rule” is also discounted by $40 off until June 12, 2019. This short (45 minute) Compliance Class is an efficient way to get up-to-speed on the new interagency rules for Private Flood Insurance that will be mandatory on July 1, 2019. While the final rule is fairly short in length, there are some complexities that applicable financial institutions should be aware of. For example, if the “compliance aid” is not present, financial institutions must conduct a review of each private flood insurance policy to determine if it meets the definition of “private flood insurance,” and if it does, the policy must be accepted. As compliance with the rule is required by 7/1/19, financial institutions should take action now to ensure they are ready for the July 2019 implementation date. The course curriculum for our Private Flood Insurance class can be found at https://www.compliancecohort.com/video-webinar-private-flood-insurance-2019-final-rule.

Congress Extends Flood Program

Adam Witmer
Flood, Regulatory Update

For the eleventh time since 2017, Congress extended the National Flood Insurance Program on May 30/2019 by another two weeks. The flood Program, which was set to expire on June 1, is now extended through June 14, 2019 meaning that new flood insurance policies can be issued and real estate transactions won’t be delayed during this time. This two week extension provides

$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.

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