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Description:
The Bank Secrecy Act (BSA), the cornerstone of Anti-Money Laundering / Counter-Financing of Terrorism (AML / CFT), requires financial institutions to provide annual training as a critical component of their compliance and regulatory programs. Whether this is your first round at completing BSA trainings or you are maintaining your annual training obligation, this webinar will offer high-level view of the essential elements integral to a compliant BSA / AML / CFT program. Key topics will include policy and procedure requirements (including the tenants of the Customer Identification Program such as due diligence), filing reports, and other foundational principles. Additionally, we will explore recent developments within the regulation and the governing agencies, including the implementation of updated beneficial ownership rules and their impact on AML / CFT compliance efforts.
Key Takeaways:
Explore best practices for meeting the BSA’s annual training requirements and effectively preparing your institution for regulatory examinations.
Core Components of BSA/AML/CFT Compliance
Understand the fundamental elements of a Bank Secrecy Act (BSA) program, including customer due diligence, transaction monitoring, and risk assessments.
Reporting and Recordkeeping Requirements
Learning the essentials of filing reports, such as CTRs and SARs, and maintaining records to meet regulatory standards.
Recent Developments in Beneficial Ownership Rules
Newer beneficial ownership reporting requirements and their implications for Anti-Money Laundering / Counter-Financing of Terrorism compliance
Practical Strategies for Annual Training Compliance
People Who Should Attend:
Compliance Officers and other relevant compliance team members, BSA Officer and supporting staff, Internal Audit Staff, and Branch Staff.
Presenter:
Brett Goodnack, JD, CAMS
Associate General Counsel
Brett Goodnack, JD, CAMS, serves as an Associate General Counsel for Compliance Hub. He graduated from Duquesne University (Kline) School of Law, achieving the William Arthur Hascall McKinney Award for Excellence in Law, and working in the Preliminary Hearings Division of the Allegheny County Office of the Public Defender. Brett earned a Bachelor of Science degree in Crime, Law, and Justice from Penn State University.
Brett brings with him over a decade of professional passion and practice in due diligence and risk mitigation in the financial services industry, having served as an advisor both consulting to and advocating on behalf of diverse financial institutions. Most recently, he acted as Associate Director for a multinational investment bank in their anti-money laundering and KYC regulatory space. Brett has a gamut of experience in the field of banking compliance, ranging from fiduciary and trust administration, to the foundational development of risk-based operating procedures and processes for governance consulting firms.