Posts tagged with "ofac"

Updating your Bank’s BSA/AML/OFAC Risk Assessment

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The risk assessment process should be considered a living process. According to the FFIEC Examination Manual: “An effective BSA/AML compliance program controls risks associated with the bank’s products, services, customers, entities, and geographic location; therefore, an effective risk assessment should be an ongoing process, not a one-time exercise. Management should update its risk assessment to identify changes in the bank’s risk profile, as necessary (e.g., when new products and services are included, existing products and services change, higher-risk customers’ open and close accounts, or the bank expands through mergers and acquisitions). Even in the absence of such changes, it is a sound practice for banks to periodically reassess their BSA/AML risks at least every 12 to 18 months.”

An effective BSA/AML/OFAC risk assessment is one that assists a financial institution in identifying inherent risks, the control environment and residual risk in order to identify the institution’s risk profile. As stated in the FFIEC Examination: “Understanding the risk profile enables the bank to apply appropriate risk management processes to the AML/compliance program to mitigate risk. There are many different types of risk assessments that are suitable. Financial institution management should identify the method or format best suited to identify their specific risk profile.

This insightful BSA Webinar will discuss the following points:

  • The risk assessment process
  • Risk factors to consider addressing
  • Developing the financial institution’s BSA/AML program based upon its risk assessment
  • Updating the risk assessment
  • What the FFIEC Examination Manual recommends bank examiners consider in reviewing risk assessments

 

Pricing

$249 for Webinar and Playback*
*Playback has no expiration and may be shared internally

Dates of Event

Thursday, August 16, 2018

  • 2:00 – 3:00 pm (Eastern Time)
  • 1:00 – 2:00 pm (Central Time)
  • 12:00 – 1:00 pm (Mountain Time)
  • 11:00 – 12:00 pm (Pacific Time)

Credits

  • 1.2 AAP Credits
  • 1.0 CPE Credits

Your Speaker(s)

Dennis Lormel

Founder, DML Associates

About the Speaker

Dennis M. Lormel is a recognized subject matter expert in the anti-money laundering, terrorist financing, and fraud communities. Mr. Lormel is an accomplished speaker and is routinely engaged to provide training at industry conferences. In addition, he frequently participates in media interviews that reach both the U.S. and international markets. This exposure and his vast experience in the law enforcement and consulting fields have afforded him the opportunity to develop a unique and diverse network of colleagues and clients.

After the tragedy of 9/11, Mr. Lormel realized that the terrorists needed a financial infrastructure to accomplish the attacks. He immediately established an investigative organization within the FBI that, within days, identified the funding stream that supported these attacks. This is but one example of his expertise in assessing and establishing viable and effective recommendations that produce results.

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Updating Your Bank’s BSA/AML/OFAC Risk Assessment

Register Now

The risk assessment process should be considered a living process. According to the FFIEC Examination Manual: “An effective BSA/AML compliance program controls risks associated with the bank’s products, services, customers, entities, and geographic location; therefore, an effective risk assessment should be an ongoing process, not a one-time exercise. Management should update its risk assessment to identify changes in the bank’s risk profile, as necessary (e.g., when new products and services are included, existing products and services change, higher-risk customers’ open and close accounts, or the bank expands through mergers and acquisitions). Even in the absence of such changes, it is a sound practice for banks to periodically reassess their BSA/AML risks at least every 12 to 18 months.”

An effective BSA/AML/OFAC risk assessment is one that assists a financial institution in identifying inherent risks, the control environment and residual risk in order to identify the institution’s risk profile. As stated in the FFIEC Examination: “Understanding the risk profile enables the bank to apply appropriate risk management processes to the AML/compliance program to mitigate risk. There are many different types of risk assessments that are suitable. Financial institution management should identify the method or format best suited to identify their specific risk profile.

This insightful BSA Webinar will discuss the following points:

  • The risk assessment process
  • Risk factors to consider addressing
  • Developing the financial institution’s BSA/AML program based upon its risk assessment
  • Updating the risk assessment
  • What the FFIEC Examination Manual recommends bank examiners consider in reviewing risk assessments

Pricing

$249 for Live and Playback*
*Playback has no expiration and may be shared internally

Dates of Event

Tuesday, February 27, 2018

  • 2:00 – 3:00 pm (Eastern Time)
  • 1:00 – 2:00 pm (Central Time)
  • 12:00 – 1:00 pm (Mountain Time)
  • 11:00 – 12:00 pm (Pacific Time)

Credits

  • 1.2 AAP Credits
  • 1.0 CPE Credits

Your Speaker(s)

Dennis Lormel

Founder, DML Associates

Register Now Pay by Check

BSA/AML Training for Bank Directors and Senior Executives

Register Now

It is incumbent that the board of directors and senior management of a financial institution truly understand their responsibilities regarding the institution’s BSA/AML compliance program. Not only is it imperative that the board and senior management demonstrate a culture of AML compliance by setting the proper compliance tone at the top of the organization; but it’s important that the board understand that they own the BSA/AML compliance program through senior management and thereby are responsible for its success. Better understanding of board responsibilities can be derived through board and senior management training.

According to the FFIEC Examination Manual, board of directors responsibilities include:

  • The BSA/AML compliance program must be written, approved by the board of directors, and noted in the board minutes.
  • The board of directors, acting through senior management, is ultimately responsible for ensuring that the bank maintains an effective BSA/AML internal controls structure, including suspicious activity monitoring and reporting.
  • The board of directors and management should create a culture of compliance to ensure staff adherence to the bank’s BSA/AML policies, procedures, and processes.
  • Internal controls should inform the board of directors or a committee thereof, and senior management, of compliance initiatives, identified compliance deficiencies, and corrective action taken, and notify directors and senior management of SARs filed.
  • The bank’s board of directors must designate a qualified individual to serve as the BSA compliance officer.
  • The board of directors and senior management should be informed of changes and new developments in the BSA, its implementing regulation and directives, and the federal banking agencies’ regulations.
  • While the board of directors may not require the same degree of training as banking operations personnel, they need to understand the importance of BSA/AML regulatory requirements, the ramifications of noncompliance, and the risks posed to the bank.
  • Without a general understanding of the BSA, the board of directors cannot adequately provide BSA/AML oversight; approve BSA/AML policies, procedures, and processes; or provide sufficient BSA/AML resources.

This insightful session will:

  • Delve into board of directors responsibilities, as set forth above
    • Place an emphasis on tone at the top
      • Compare the contrasting tones of two boards and discuss potential consequences
  • Discuss current BSA/AML issues and regulatory considerations the board should be aware of
  • Discuss BSA/AML compliance as a risk deterrent
  • Discuss keys to a successful BSA/AML compliance program

Pricing

$249 for Live and Playback*
*Playback has no expiration and may be shared internally

Dates of Event

Wednesday, November 15, 2017

  • 12:00 – 1:00 pm (Eastern Time)
  • 11:00 – 12:00 pm (Central Time)
  • 10:00 – 11:00 am (Mountain Time)
  • 9:00 – 10:00 am (Pacific Time)

Credits

  • 1.2 AAP Credits
  • 1.0 CPE Credits

Your Speaker(s)

Dennis Lormel

Founder, DML Associates

Register Now Manual Invoice

Watch List Screening: Best Practices for a Successful Compliance Program

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Complying with OFAC regulations is a basic requirement in today’s business environment. But, are you confident that you understand the latest requirements and are up-to-date on the most recent changes? Don’t put your organization at risk for doing business with targeted foreign countries, terrorists and other criminals. Attend this webinar to find out how to administer a successful watch list screening program and ensure your organization is compliant.

Learning Objectives:

  • Understanding OFAC regulations and how they affect your financial institution
  • Learning screening best practices and how to implement them
  • Recognizing other watch lists with which you need to comply
  • Uncovering what you need to know about recent sanctions

Pricing

$249 for Webinar and Playback*
*Playback has no expiration and may be shared internally

Date of Events

Thursday, October 12, 2017

  • 12:00 – 1:00 pm (Eastern Time)
  • 11:00 – 12:00 pm (Central Time)
  • 10:00 – 11:00 am (Mountain Time)
  • 9:00 – 10:00 am (Pacific Time)

Credits

  • 1.2 AAP Credits
  • 1.0 CPE Credits

Your Speaker

Keith Monson, CRCM
CSI – Computer Services Inc.

Register Now Manual Invoice

BSA for the Board and Senior Management

Register Now

Take your annual BSA training to the next level. Go beyond the regulatory requirements to explore key issues that impact your institutions from the cost of compliance and non-compliance to emerging issues and risks that you need to be in front of now.

Fact: Any financial institution has the potential to be exploited for money laundering and terrorist financing. You can mitigate the risk of exploitation by understanding your responsibilities as members of the Board and Senior Management to support a culture of compliance comprised of strong internal controls, effective testing processes, a robust training program and a well-qualified individual or team to oversee it all on a daily basis. However, it is not enough to simply be knowledgeable of your requirements. You must go beyond the books, beyond the regulations to truly understand how emerging risks and regulatory focal points can impact your institution.

This webinar is designed to do just that. We will refresh your understanding of regulatory requirements and your key responsibilities in maintaining a strong BSA/AML compliance function. We will go beyond those requirements and responsibilities to examine recent cases that illustrate how a small crack in the armor can pave the way for criminals to exploit a financial institution. To give you a sense for how the oversight of BSA/AML functions has evolved, we will let you know how the cost of compliance has increased, but cannot be compared to the costs and regulatory burdens of non-compliance. Join us for a fresh look at BSA compliance from your perspective.

Important Takeaways for attendees:

  • Critical components of effective BSA/AML compliance functions
  • BSA/AML, OFAC and USA PATRIOT Act reporting requirements
  • Key responsibilities of the Board and senior management within the BSA/AML compliance function
  • The costs of BSA/AML compliance and those of non-compliance
  • Emerging BSA issues and areas of focus for regulators

Pricing

$249 for Live and Playback*
*Playback has no expiration and may be shared internally

Dates of Event

Tuesday, September 12, 2017

  • 12:00 – 1:00 pm (Eastern Time)
  • 11:00 – 12:00 pm (Central Time)
  • 10:00 – 11:00 am (Mountain Time)
  • 9:00 – 10:00 am (Pacific Time)

Credits

  • 1.2 AAP Credits
  • 1.0 CPE Credits

Your Speaker(s)

Angela Lucas

Co-Founder and Managing Partner, Sterling Compliance LLC

Register Now Manual Invoice

BSA for the Board and Senior Management

Buy Playback Now

Take your annual BSA training to the next level. Go beyond the regulatory requirements to explore key issues that impact your institutions from the cost of compliance and non-compliance to emerging issues and risks that you need to be in front of now.

Fact: Any financial institution has the potential to be exploited for money laundering and terrorist financing. You can mitigate the risk of exploitation by understanding your responsibilities as members of the Board and Senior Management to support a culture of compliance comprised of strong internal controls, effective testing processes, a robust training program and a well-qualified individual or team to oversee it all on a daily basis. However, it is not enough to simply be knowledgeable of your requirements. You must go beyond the books, beyond the regulations to truly understand how emerging risks and regulatory focal points can impact your institution.

This webinar is designed to do just that. We will refresh your understanding of regulatory requirements and your key responsibilities in maintaining a strong BSA/AML compliance function. We will go beyond those requirements and responsibilities to examine recent cases that illustrate how a small crack in the armor can pave the way for criminals to exploit a financial institution. To give you a sense for how the oversight of BSA/AML functions has evolved, we will let you know how the cost of compliance has increased, but cannot be compared to the costs and regulatory burdens of non-compliance. Join us for a fresh look at BSA compliance from your perspective.

Important Takeaways for attendees:

  • Critical components of effective BSA/AML compliance functions
  • BSA/AML, OFAC and USA PATRIOT Act reporting requirements
  • Key responsibilities of the Board and senior management within the BSA/AML compliance function
  • The costs of BSA/AML compliance and those of non-compliance
  • Emerging BSA issues and areas of focus for regulators

Pricing

$249 for Live and Playback*
*Playback has no expiration and may be shared internally

Dates of Event

Thursday, June 1, 2017

  • 12:00 – 1:00 pm (Eastern Time)
  • 11:00 – 12:00 pm (Central Time)
  • 10:00 – 11:00 am (Mountain Time)
  • 9:00 – 10:00 am (Pacific Time)

Credits

  • 1.2 AAP Credits
  • 1.0 CPE Credits

Your Speaker(s)

Angela Lucas

Co-Founder and Managing Partner, Sterling Compliance LLC

Buy Playback Now Manual Invoice

BSA/AML Training for Bank Directors and Senior Executives

Buy Playback Now

It is incumbent that the board of directors and senior management of a financial institution truly understand their responsibilities regarding the institution’s BSA/AML compliance program. Not only is it imperative that the board and senior management demonstrate a culture of AML compliance by setting the proper compliance tone at the top of the organization; but it’s important that the board understand that they own the BSA/AML compliance program through senior management and thereby are responsible for its success. Better understanding of board responsibilities can be derived through board and senior management training.

According to the FFIEC Examination Manual, board of directors responsibilities include:

  • The BSA/AML compliance program must be written, approved by the board of directors, and noted in the board minutes.
  • The board of directors, acting through senior management, is ultimately responsible for ensuring that the bank maintains an effective BSA/AML internal controls structure, including suspicious activity monitoring and reporting.
  • The board of directors and management should create a culture of compliance to ensure staff adherence to the bank’s BSA/AML policies, procedures, and processes.
  • Internal controls should inform the board of directors or a committee thereof, and senior management, of compliance initiatives, identified compliance deficiencies, and corrective action taken, and notify directors and senior management of SARs filed.
  • The bank’s board of directors must designate a qualified individual to serve as the BSA compliance officer.
  • The board of directors and senior management should be informed of changes and new developments in the BSA, its implementing regulation and directives, and the federal banking agencies’ regulations.
  • While the board of directors may not require the same degree of training as banking operations personnel, they need to understand the importance of BSA/AML regulatory requirements, the ramifications of noncompliance, and the risks posed to the bank.
  • Without a general understanding of the BSA, the board of directors cannot adequately provide BSA/AML oversight; approve BSA/AML policies, procedures, and processes; or provide sufficient BSA/AML resources.

This insightful session will:

  • Delve into board of directors responsibilities, as set forth above
    • Place an emphasis on tone at the top
      • Compare the contrasting tones of two boards and discuss potential consequences
  • Discuss current BSA/AML issues and regulatory considerations the board should be aware of
  • Discuss BSA/AML compliance as a risk deterrent
  • Discuss keys to a successful BSA/AML compliance program

Pricing

$249 for Live and Playback*
*Playback has no expiration and may be shared internally

Dates of Event

Friday, March 17, 2017

  • 12:00 – 1:00 pm (Eastern Time)
  • 11:00 – 12:00 pm (Central Time)
  • 10:00 – 11:00 am (Mountain Time)
  • 9:00 – 10:00 am (Pacific Time)

Credits

  • 1.2 AAP Credits
  • 1.0 CPE Credits

Your Speaker(s)

Dennis Lormel

Founder, DML Associates

Dennis Lormel Founder of DML Associates

Buy Playback Now Manual Invoice

Watch List Screening: Best Practices for a Successful Compliance Program

Buy Playback Now

Complying with OFAC regulations is a basic requirement in today’s business environment. But, are you confident that you understand the latest requirements and are up-to-date on the most recent changes? Don’t put your organization at risk for doing business with targeted foreign countries, terrorists and other criminals. Attend this webinar to find out how to administer a successful watch list screening program and ensure your organization is compliant.

Learning Objectives:

  • Understanding OFAC regulations and how they affect your financial institution
  • Learning screening best practices and how to implement them
  • Recognizing other watch lists with which you need to comply
  • Uncovering what you need to know about recent sanctions

Pricing

$249 for Live and Playback*
*Playback has no expiration and may be shared internally

Date of Events

Thursday, March 9, 2017

  • 2:00 – 3:00 pm (Eastern Time)
  • 1:00 – 2:00 pm (Central Time)
  • 12:00 – 1:00 pm (Mountain Time)
  • 11:00 – 12:00 pm (Pacific Time)

Credits

  • 1.2 AAP Credits
  • 1.0 CPE Credits

Your Speaker

Keith Monson CRCM

CSI – Computer Services Inc.

Buy Playback Now Manual Invoice