July 22, 2021

Recordkeeping, information sharing, more on agenda as BSA School ends

BSA SchoolNAFCU's Virtual BSA School wraps up today with sessions on a number of important topics, including information sharing and the Office of Foreign Assets Control (OFAC).

Here's a breakdown of today's sessions:

  • Information Sharing: This session will highlight Section 314 of the USA PATRIOT Act and will dive into information sharing between law enforcement and financial institutions, as well as voluntary information sharing and information that supports the filing of a suspicious activity report.
  • OFAC: This session will touch on the history and background of OFAC, in addition to discussing blocked and prohibited transactions, reporting and the OFAC’s compliance program.
  • Recordkeeping: This session will highlight the purchase and sale of monetary instruments recordkeeping, as well as funds transfer recordkeeping and the responsibilities of both the originator financial institution and the beneficiary financial institution.

Following today's sessions, attendees may attend a bonus session covering BSA-related regulatory updates and expected changes.

In addition, the NAFCU Certified Bank Secrecy Officer (NCBSO) exam will be proctored for attendees who are seeking the prestigious designation. View the full agenda.