- 2020 Virtual BSA Officer Seminar - November 18
Wednesday, November 18, 2020 … 9:00 AM to 1:00 PM via Zoom Meeting … $99 per participant
Presented in partnership by Association of Vermont Credit Unions & The Credit Union League of Connecticut
Who should attend?
This seminar is appropriate for anyone who is responsible for your BSA / AML program, especially designated officers, risk managers, compliance / operations / administration executives, auditors, and select volunteers.
Personalized Training Completion Certificate
Every attendee who completes the four hour in-person training session will receive a digital certificate signifying that this seminar meets the required training obligations of the Bank Secrecy Act as mandated by FinCEN.
Interactive Discussions and Experience Sharing
Attendees of this virtual session will be strongly encouraged to utilize the full audio and visual capabilities of their computer throughout this four hour session to maintain the same level of communication and knowledge sharing for which our annual in-person session is well known. Please be ready to participate and increase the educational value of the seminar for all.
Understanding Money Laundering and 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. BSA Compliance Requirements during the COVID-19 challenge, update policies, procedures, and risk assessments to comply with recent regulatory guidance.
BSA / AML and OFAC RISK ASSESSMENTS
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.
- Identification of Specific Risk Categories
- Mobile banking and remote member services
- Updating the Risk Assessment
- COVID-19 AML and Risk Management Protocols
Developing a BSA/AML Compliance Program Based on the BSA/AML Risk Assessment
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.
Member Identification Program
Account Opening best practices; Indirect lending account opening;
Customer Due Diligence: COVID’s Daily Practical Challenges;
Verifying Identities, and best practices for policies and procedures to ensure BSA framework.
FinCEN’s Beneficial Owner’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. Exclusions from the definition of Legal Entity Customer.
BSA High Risk Members, Businesses, Hemp and Marijuana and Indirect lending Accounts
Enhanced Due Diligence and Monitoring
Paycheck Protection Program loans
Participating lenders’ responsibilities in processing loan forgiveness applications.
CTR and Suspicious Activity Reporting Requirements.
Suspicious or Unusual Transaction Monitoring and Reporting and Filings.
Compliance Culture and Management’s Responsibilities
BSA compliance management program requirements, Supervisory Committee / Board of Directors oversight.
Your role and responsibilities as BSA Officer
BSA project management.
Training Requirements for employees and volunteers
Annual training requirements for Staff and Board Members / Volunteers.
The importance of Business Continuity Plans
Developing a contingency plan for your AML monitoring program.
Financial Scams, Fraud & Criminal Activity During COVID-19
Fraud related to stimulus, unemployment, and SBA loan payments.
BSA AML OFAC Audits and Examiner expectations
Documenting exceptions to BSA policy and procedures to avoid examination scrutiny.
Questions / More Information
Please email AVCU Education Director John Cote at 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.