Location: Embassy Suites, Charleston, WV (Sleeping room block under code AML)
Presented By: Compliance Alliance
BSA/AML Compliance Management
This two-day school provides a comprehensive and up-to-date overview of top industry concerns related to BSA/AML compliance responsibilities. In the age of deregulation, BSA/AML is here to stay. Compliance Alliance incorporates recent feedback from our member base to hit the hot topics and stress points for BSA compliance in community banks across the country. This includes: preparing for post-Beneficial Owner rule examinations, whether to bank marijuana businesses, and other pressing BSA issues.
BSA Today: This session will cover real situations, findings and consent orders related to BSA/AML compliance and what we can learn from these orders. In addition, you’ll hear how your peers across the country as dealing with BSA/AML/OFAC compliance including answers to frequently asked questions of over 500 financial institutions.
CDD and Beneficial Owners: While Beneficial ownership has been covered in-depth over the last couple years, this session will prepare attendees for their first post-effective-date exam by discussing the highlights of the interagency exam procedures, feedback from regulators and touching on themes from the hundreds of C/A Hotline questions related to implementing this rule. Attendees will have time for small group discussions related to challenges in implementing the CDD rule, and exam feedback and preparation.
Monitoring for High-Risk Activities: Identification of higher-risk customers, products, and services is critical to the bank’s underlying risk assessment, but how do we know who or what poses a higher risk of money laundering or terrorist financing? This session will cover identifying high-risk BSA areas, how to mitigate those risks and whether a customer or product that is deemed high risk needs to continually be considered high-risk.
Banking Money Services Businesses: Money Service Businesses pose unique challenges to banks – who is actually an MSB and who is simply an agent? Does my customer have to be registered with FinCEN or licensed with the state? What’s my risk related to banking this MSB? This session will revisit the basics of who is an MSB and also, provide best practices for what information you need to open, maintain or when to close an MSB account.
Marijuana Banking: Thirty states in the US have some version of legalized marijuana – either recreational, medicinal or both. This means banking marijuana-related businesses continues to be an ongoing risk decision for bankers. With 2018 rescission of the Cole Memo, however, there continue to be questions related to if banks can or should bank these businesses and if so, how to bank these businesses. This presentation will cover the FinCEN guidance related to marijuana banking, MRB SARs and risk considerations when making a bank policy about marijuana.
Privately-owned ATMs: Privately owned ATMs are known sources of risk for money laundering and fraud. If you bank convenience stores, grocery stores, liquor stores or gas stations, you may have privately-owned ATMs as well. This presentation will cover risks to look out for, important definitions, differences in Independent Sales Organization relationships and best practice risk mitigation.