Compliance Blog highlights BSA penalty increases
NAFCU Regulatory Paralegal Shari Pogach details the Financial Crimes Enforcement Network's (FinCEN) recent final rule to reflect the annual inflation adjustment to its civil monetary penalty amounts for Bank Secrecy Act (BSA) violations in a new post on the NAFCU Compliance Blog.
"While this is an annual adjustment, it should still be a reminder that the federal regulator examiners are taking now a deeper look at BSA compliance," writes Pogach. "And, as many banks and credit unions have learned the hard way, noncompliance can be costly."
Pogach explains that negligent BSA violations by financial institutions can result in a maximum penalty of $1,146 and willful BSA violation penalties range from $57,317 to $229,269. She also points out that there are criminal penalties for willful BSA violations.
"Individual financial institution employees, including credit union employees, found willfully violating the BSA are subject to a criminal fine of up to $250,000 or five years in prison, or both," she notes.
Simultaneous violations of the BSA and other U.S. laws, and BSA violations accompanied by participation in other criminal activity, may result in a fine of up to $500,000 or 10 years in prison, or both.
For more on the penalties associated with BSA violations, read Pogach's blog post. Those interested can sign up to receive new NAFCU Compliance Blog posts in their inbox every Monday, Wednesday, and Friday.
NAFCU member credit unions have direct access to the association's Compliance Team for assistance with federal compliance issues via email or the compliance helpline. Additionally, the compliance calendar is a great tool for help with important upcoming dates and deadlines.
NAFCU's new Compliance, Risk & BSA Network is also a great member-only resource where compliance professionals share insights and information on various issues.
Fraud , BSA
Add to Calendar 2020-06-09 14:00:00 2020-06-09 14:00:00 The New BSA/AML Examination Manual FFIEC updated the BSA examination manual for the first time since 2014. Is your organization ready for an emphasized risk-based approach to BSA/AML supervision? During this webinar, we’ll examine the updates to the manual and take a look at what your organization can do to prepare for their 2020 BSA/AML exam. Key Takeaways Highlight the changes to the examination manual Expectations of the regulators Best practices to prepare for an examination Common exam findings, and how to avoid them Register Now For On-Demand AccessRegistration is complimentary, but you must register to attend. One registration gives your entire credit union access to the on-demand recording until June 9, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Bank Secrecy Officers (NCBSO) NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) BSA staff Risk staff Compliance staff Audit staff Credit union staff attorneys, legal staff Education Credits NCBSOs will receive 1.5 CEUs for participating in this webinar. NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Highlight the changes to the examination manual. Expectations of the regulators. Best practices to prepare for an examination. Common exam findings, and how to avoid them. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Regulatory Ethics - Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
NCCO, NCRM, NCBSO, CPE
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