- 2017 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 Tuesday, October 17th 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 2017 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 Director 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 — 2017 BSA / AML Compliance Officers: What Are Our Responsibilities?
Risks and Methods of Money Laundering and Terrorist Financing
What is Money Laundering?
Three Stages in the Money Laundering Cycle
Methods of Money Laundering
- Banks and Other Depository Institutions
- Electronic Transfers of Funds
- Payable-Through Accounts Structuring
- Vehicle Sellers
- Gatekeepers: Notaries, Accountants, Auditors, Lawyers
- Real Estate Industry
High Risk Members, Businesses & MSBs
Money Laundering Risks Associated with New Technologies
- Online or Internet Banking
- Internet Casinos
- Prepaid Cards and E-Cash
Money Laundering Risks of Structures Designed to Hide Beneficial Ownership
- Shell Companies
- Differences and Similarities Between Terrorist Financing and Money Laundering
- Detecting Terrorist Financing.
- 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
- Current trends in enforcement actions – penalties and causes
Anti-Money Laundering Compliance Program: Assessing Risk and Developing a Risk Scoring Model
- Factors to Determine Risk
- What Risks Do Your Customers Pose?
- Levels of Risk
- Geographical Location
- Customer Type
- What Risks Do Your Products or Services Pose?
The Elements of an AML Program
- Internal Policies, Procedures and Controls
- Compliance Officer
- Overview of key BSA reporting and recordkeeping requirements
- Currency transaction reporting
- Monetary instruments recordkeeping
- Wire transfer recordkeeping
- Member Identification program (MIP)
- Credit union risk assessment
- Basic Member due diligence and how it differs from MIP
- Enhanced due diligence
Compliance Culture and Senior Management’s Role
- Requirements for a BSA compliance management program
- Transaction monitoring
- Independent audit
- Examiner documentation expectations
- Supervisory committee/Board oversight
Customer Due Diligence
- Main Elements of a CDD Program
- Account Opening, Customer Identification and Verification
- Name Checking Lists
- FinCEN new CDD and Beneficial Owner Certification Form
- Know Your Employee
Suspicious or Unusual Transaction Monitoring and Reporting
Detailed look at SAR reporting & increasing exam emphasis on filing SARs unrelated to money laundering.
Red Flags or Indicators of Money Laundering / Terrorist Financing and Human Trafficking
- Suspicious Customer Behavior
- ” Customer Identification Circumstances
- ” Cash Transactions.
- ” Non-Cash Deposits
- ” Wire Transfer Transactions
- ” Safe Deposit Box Activity
- ” Activity in Credit Transactions
- ” Commercial Account Activity
- ” Employee Activity
Responding to Law Enforcement Investigations
- Closing the Account
- Filing a SAR
BSA – What’s on the horizon and what to expect!
Registration & Tuition Information
Register online by September 15th 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 9/15/17.
* 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 and Supervisory Committee Academy 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.
Supervisory Committee Academy (SCA) is a webinar series (usual start 2 PM ET) designed exclusively for supervisory committee members and other credit union volunteers. The sessions are held once a month and focus on training issues specific to the needs of the supervisory committee. SCA is partnered with well-known subject matter experts that provide high quality training across a diverse range of topics. Each webinar is broken up into three (3) distinct, 30-minute sections, making them convenient to use as professional development tools with board and committee meetings.
AVCU’s registration policy for distance learning events
Registrations for live events should be submitted at least four hours before the event begins via the links provided on each individual event listing.
Cancellation requests of previously submitted registrations may be made by email before 2:00 p.m. on the Friday immediately preceding the live event but are not guaranteed to be granted. Unlikely occurrences such as a speaker cancellation or technical difficulties on the part of a network partner will be handled on a case-by-case basis in accordance with AVCU’s partnership agreements. AVCU and our network partners stand behind and support the quality and value of our educational offerings.