Tuesday, August 15
Sessions start at 8:30 a.m. ET and end at 4:00 p.m. ET-
7:00 a.m. - 8:30 a.m.Networking Breakfast
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Welcome Address
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History and background of the BSA:
- 9/11 and the USA PATRIOT Act
- What part government agencies play concerning the BSA
- Understanding money laundering and terrorist financing
- Why BSA matters for financial institutions of all sizes
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Networking Lunch
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Learn what an effective BSA/AML compliance program includes:
- Written policies and procedures
- A designated BSA officer
- Independent testing
- Adequate employee training
- Risk-based, customer due diligence
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Identify specific risk categories:
- Products and services
- Member/customers and entities
- Geographic locations - Analysis of specific risk categories
- Developing the BSA/AML compliance program based upon the risk assessment
- Updating the risk assessment
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- What is an account
-What information must be obtained when opening an account
-Verifying a member’s identity
- Recordkeeping and retention requirements
- Adequate notice
- Internal controls
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- Establishment of risk-based policies, procedures and processes in relation to a credit union’s BSA/AML risk profile
- Understanding the nature and purpose of the member relationship in order to develop a risk profile
- Obtaining member information to substantiate the nature and purpose of the account
- Use of risk-basis procedures to maintain and update customer information
- Conduct ongoing monitoring
- Higher risk profile members and enhanced due diligence
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Wrap Up
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5:00 p.m. - 6:30 p.m.Welcome Reception
Wednesday, August 16
Sessions start at 8:30 a.m. ET and end at 4:00 p.m. ET-
7:00 a.m. - 8:30 a.m.Networking Breakfast
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Welcome/Recap
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- Beneficial Ownership rule requirements
- What is a legal entity
- What is a beneficial owner
- Identification and verification of beneficial owners
- Recordkeeping and retention requirements
- Reliance on another financial institution -
- Monitoring, detecting and reporting suspicious activities
- Regulatory requirements to file a SAR
- Safe harbor from civil liability
- Systems to identify, research and report suspicious activity
- Identifying unusual or suspicious activity
- Managing alerts
- SAR decision making -
Networking Lunch
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- Reporting large currency transactions
- Identity verification requirement
- Aggregating currency transactions
- Structured transactions – CTR requirements
- Filing CTRs and record retention
- Shared branches
- Back filing -
- Phase I CTR exemptions
- Phase II CTR exemptions
- Annual review
- Operating rules
- Safe harbor for failing to file
- Effect on other SAR filings or other regulatory requirements -
Wrap Up & Exam Expectations
Thursday, August 17
Sessions start at 8:30 a.m. ET and end at 12:00 p.m. ET | *Note: An optional exam for credentialing will follow the close of sessions on Thursday.-
7:00 a.m. - 8:30 a.m.Networking Breakfast
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Welcome/Recap
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- Section 314 of the USA PATRIOT Act information requests
- Information sharing between law enforcement and financial institutions – (section 314(a) of 31 CFR 1010.520)
- Voluntary information sharing – (section 314(b) of 31 CFR 1010.540)
- SAR supporting information -
- What is OFAC (history and background)
- Blocked and prohibited transactions
- OFAC licenses
- Reporting
- Compliance program
- A Framework for OFAC Compliance Commitments
- Internal controls
- Independent testing
- Designated responsible individual
- Training
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Networking Lunch
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- Purchase and sale of monetary instruments recordkeeping
- Recording of information required for the purchase and sale of monetary instruments for currency in amounts between $3,000 and $10,000
- Funds transfers recordkeeping
- Originator financial institution responsibilities
- Beneficiary financial institution responsibilities
- Money laundering risks for funds transfer activities
- BSA record retention requirements
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Wrap Up & Exam Prep
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NCBSO Exam