The recent Anti-Money Laundering Act of 2020 brought changes that affect every financial institution. Have you updated your policy, procedures, and priorities? Join us to learn the ins and outs – and avoid the increased BSA noncompliance penalties.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Update your BSA/AML program with the AML/CFT priorities issued by FinCEN on June 30, 2021
- Identify the increased penalties for BSA violations and the provisions of the whistleblower program
- Explain FinCEN’s framework to facilitate information sharing among financial institutions and their service providers, regulators, law enforcement, and others
- Distinguish between the definition of a beneficial owner under CDD versus under the AML Act
- Discover how future “no-action” letter rulemaking will impact the industry
- Inform management and the board about current and future changes
On January 1, 2021, the United States Congress passed the National Defense Authorization Act for Fiscal Year 2021 (NDAA), which included the Anti-Money Laundering Act of 2020 (AML Act). This little Act contained some big changes that will impact financial institutions, including enhancements to the beneficial ownership process and changes to CTR and SAR reporting.
This session will review the efforts FinCEN has taken so far to implement the AML Act. You’ll learn how to update your BSA/AML monitoring program to incorporate the recently issued government-wide priorities for anti-money laundering and countering terrorism financing. It will address red flags for identifying potentially suspicious activity related to the trade of antiquities and art and identify what FinCEN's assessment of no-action letters means for you. Join us for a look ahead to help prepare for future AML Act changes, including a beneficial ownership database, whistleblower protections for reporting AML violations, and potential changes to CTR and SAR forms and reporting requirements.
WHO SHOULD ATTEND?
This informative session is designed for BSA officers, compliance officers, security officers, and anyone responsible for managing your BSA/AML program.
- AML Act Implementation Plan
- Sample BSA/AML Risk Assessment updated for the AML Act
- Employee training log
- Interactive quiz
SPEAKER: Dawn Kincaid, Brode Consulting Services, Inc.
Dawn Kincaid began her banking career while attending The Ohio State University. She has 20 years’ experience in client service, operations, information technology, administrative and board relations, marketing, and compliance. Most recently Dawn served as the Senior Vice President of Operations for a central-Ohio-based community bank, where she created and refined policies and procedures, conducted self-audits and risk assessments, and organized implementation of new products and services. Dawn has served in the roles of Compliance, BSA/AML, CRA, Privacy, and Security Officer. She has led training initiatives, prepared due diligence information, completed a variety of regulatory applications, coordinated internal and external audits and exams, and presented for numerous state associations.