240 likes | 250 Views
Join our workshop to delve into the latest BSA/AML examination findings, AML/Fraud model risk management & validation, structured approach to AML model validation, regulatory expectations for banking marijuana-related businesses, and customer due diligence guidelines. Stay updated with the ever-evolving regulatory landscape.
E N D
Community Bankers Workshop BSA/AML
AML/Fraud Model Risk Management and Validation Adoption of Supervisory Expectations on Model Risk Management
Banking Marijuana-Related Businesses – Regulatory Expectations
Customer Due Diligence and Beneficial Ownership Final Rule There are now four key elements of Customer Due Diligence: • Customer Identification and Verification • Beneficial ownership identification and verification Appropriate risk-based procedures for conducting ongoing customer due diligence, to include, but not be limited to: • Understanding the nature and purpose of customer relationships to develop a customer risk profile; and • Conducting ongoing monitoring to identify and report suspicious transactions and, on a risk-basis, to maintain and update customer information CIP NEW(ish)! 31 CFR 1010.230 Codified existing expectations [31 CFR 1020.210]
Resources • 2014 FFIEC BSA/AML Examination Manual and Procedures https://bsaaml.ffiec.gov • FIL-22-2017: Adoption of Supervisory Guidance on Model Risk Management • FIN-2014-G001: BSA Expectations Regarding Marijuana-Related Businesses • FIL-05-2015: Statement on Providing Banking Services • FIL-55-2018: Interagency Statement on Sharing BSA Resources • FIL-79-2018: Joint Statement on Innovative Efforts to Combat Money Laundering and Terrorist Financing • FIN-2016-G003 and FIN-2018-G001: FAQs Regarding CDD Requirements for Financial Institutions
BSA/AML Questions