- 2018 BSA/AML training for designated officers, staff, and volunteers
The importance of your credit union having a comprehensive BSA / AML
and OFAC Compliance program cannot be overemphasized!
AVCU’s annual Bank Secrecy Act / Anti-Money Laundering training seminar will take place on Wednesday, October 24th at the Fireside Inn & Suites in West Lebanon, NH.
One of the most serious responsibilities entrusted to your credit union is finding and combating financial crime and terrorist financing—it’s also required under the Bank Secrecy Act (BSA), one of the most important pieces of credit union legislation.
By attending AVCU’s 2018 training seminar, you’ll learn this pivotal law in great detail, the latest revisions to its official policy and implementation, and the current best practices for keeping your credit union’s anti-fraud and anti-money laundering (AML) efforts in full compliance.
Judy Britt-Cavanaugh (BSACS, CUCE, CAMS) is Vice President of Compliance for the Credit Union League of Connecticut where she is responsible for providing regulatory compliance support, training and audit services for credit unions. She is accredited by CUNA as a Credit Union Compliance Expert and Bank Secrecy Act Compliance Specialist. Judy has also been awarded the widely recognized CAMS® credential by the Association of Certified Anti-Money Laundering Specialists® (ACAMS®), the world’s leading organization of professionals in the AML field.
Prior to joining the League in 2013, Judy had extensive compliance / paralegal experience interpreting state and federal regulations, legal communications and contracts, as well as providing relevant compliance training. She attended Sacred Heart University for Business Management and obtained her Paralegal Certification from the University of Connecticut.
Program Outline — 2018 BSA / AML Compliance Officers: What Are Our Responsibilities?
Risks and Methods of Money Laundering and Terrorist Financing
Understanding Money Laundering and the Three Stages of the Cycle
Methods of Money Laundering — Financial institutions; electronic fund transfers; payable-through accounts structuring; vehicle sellers; gatekeepers (notaries, accountants, auditors, lawyers); and the real estate industry.
Money Laundering Risks of Structures Designed to Hide Beneficial Ownership
High Risk Members, Businesses and Marijuana — Legalization of recreational marijuana use in Vermont has made this an essential topic for credit union compliance personnel. Bring your questions to this interactive discussion and benefit from Judy’s research and expert guidance in this developing area.
Terrorist Financing — Differences and similarities between terrorist financing and money laundering; detecting terrorist financing; and charities or non-profit organizations.
Compliance Standards for Anti-Money Laundering and Combating the Financing of Terrorism
Key U.S. Legislative and Regulatory Initiatives Applied to Transactions Internationally — USA Patriot Act; Office of Foreign Assets Control – timing requirements and enforcement considerations; and current trends in enforcement actions – penalties and causes.
Your Credit Union’s Anti-Money Laundering Compliance Program: Assessing Risk and Developing a Risk Scoring Model — Factors to determine risk; the levels and specific risks your members pose; geographical location considerations; member types; and risks posed by the products and / or services your credit union offers.
The Elements of an AML Program — Internal policies, procedures and controls; designated compliance officer; personnel training; compliance audit; oversight of key BSA reporting and recordkeeping requirements; currency transaction reporting; monetary instruments and wire transfer recordkeeping; member identification program (MIP); risk assessment; and both basic and enhanced member due diligence outside the parameters of the credit union’s MIP.
Compliance Culture and Management’s Responsibilities — BSA compliance management program requirements; transaction monitoring; independent audit; examiner documentation expectations; and Supervisory Committee / Board of Directors oversight.
FinCEN’s Customer Due Diligence (CDD) Rule — Main elements of a credit union’s CDD program; account opening; member identification and verification; name checklists; “know your employees” fraud prevention program; and FinCEN’s optional Certification of Beneficial Owner(s) form.
Suspicious or Unusual Transaction Monitoring and Reporting
Red Flags or Indicators of Money Laundering / Terrorist Financing and Human Trafficking — A thorough review of suspicious customer actions or behaviors involving: proper identification, cash or credit transactions, non-cash deposits, wire transfers, safe deposit boxes, commercial accounts, and employees.
Responding to Law Enforcement Investigations
What’s on the Horizon for BSA / AML compliance?
Registration & Tuition Information
Register online by September 14th to receive a $50 per registrant Early Bird discount plus sliding scale tuition pricing that reduces the cost for every attendee your credit union registers by that date.
Tuition for this seminar includes handouts which will serve as a year-round reference, instruction by a knowledgeable professional with years of regulatory experience, continental breakfast, and a hot buffet lunch (with vegetarian options).
In addition to the $50 Early Bird discount off regular pricing, multiple Early Bird registrations reduce your tuition rate for every seminar attendee from your credit union! Tuition reductions are based on asset size and the total number of Early Bird attendees from your CU registered by 9/14/18.
* Please Note: All tuition prices shown in the table below are per registrant.
Please direct all questions to AVCU’s Director of Information Services, John Cote, at 800-234-8285 x 7033 or by email to JohnCote@vermontcreditunions.coop.
- Distance Learning / Webinars
Distance Learning Webinars
AVCU partners with the Credit Union Webinar Network to provide affordable distance learning opportunities to our member credit unions.
Credit Union Webinar Network offers 90 minute live or recorded Webinars (usual start 3 PM ET) at a $200 registration fee. Each live Webinar includes digital handouts, one Internet connection, and one telephone connection for any number of viewers / listeners. Alternatively for the same $200 fee, the complete recorded Webinar, which includes a free digital download of the entire presentation and handouts, may be ordered. This free digital download can serve as an “off the shelf” training program for your credit union’s future training needs. The registration fee for both the live and recorded Webinar with free digital download is $250.
CUWN generously offers discounted pricing of $169 to credit unions with less than $20 million in assets that choose the recorded Webinar option.