BSA examiners are digging deeper and asking more questions about the lending function. Could a BSA examiner find loan fraud that was missed by your institution’s due diligence process? Does your institution have a system for identifying false statements and identity theft attempts on loan applications? Do your lenders know these activities may require filing a suspicious activity report? Is your process for documenting beneficial ownership effective? This program will address five important reasons BSA training must be provided for lenders and offer practical information on the beneficial ownership rules that became effective May 11, 2018.
- Five reasons to conduct BSA training for lenders
- BSA red flags and risk factors in lending
- Due diligence questions you should ask loan applicants for BSA compliance
- Steps for BSA due diligence throughout the life of the loan
- Complying with the four core elements of the customer due diligence (CDD) rules:
- Customer identification and verification
- Beneficial ownership identification and verification of a legal entity
- Understanding the nature and purpose of customer relationships to develop a customer risk profile
- Ongoing monitoring for suspicious transactions and maintaining and updating customer information on a risk basis
- TAKE-AWAY TOOLKIT
- CDD checklists under the new rules
- Template to develop and update a risk profile
- Sample CDD policy
- Procedures template for identifying and verifying beneficial owners
- Employee training log
- NEW: Interactive Quiz to measure staff learning
WHO SHOULD ATTEND?
This informative session is designed for loan officers, loan operations staff, BSA officers, BSA staff, branch personnel, risk managers, compliance officers, and auditors.
SPEAKER: Susan Costonis, Compliance Consulting and Training for Financial Institutions
Susan Costonis is a compliance consultant and trainer. She specializes in compliance management along with deposit and lending regulatory training. Most of her 35-year career was spent as a banker in several areas including lending, loan administration, electronic banking, and compliance risk management.
Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real-life examples.