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Community Bankers Workshop

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.

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Community Bankers Workshop

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Presentation Transcript

  1. Community Bankers Workshop BSA/AML

  2. Scope of Discussion

  3. Regulatory Landscape – BSA/AML Compliance Programs

  4. Overview of Recent BSA/AML Examination Findings

  5. AML/Fraud Model Risk Management and Validation Adoption of Supervisory Expectations on Model Risk Management

  6. AML/Fraud Model Risk Management and Validation

  7. AML Model Validation

  8. Key Elements of a Comprehensive Validation

  9. Structured Approach to AML Model Validation

  10. Structured Approach to AML Model Validation

  11. Structured Approach to AML Model Validation

  12. Banking Marijuana-Related Businesses – Regulatory Expectations

  13. Banking Marijuana-Related Businesses - FinCEN Guidance

  14. Banking Marijuana-Related Businesses - CDD

  15. Banking Marijuana-Related Businesses - Reporting

  16. Newly Issued BSA-Related Statements

  17. Newly Issued BSA-Related Statements

  18. 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]

  19. Customer Due Diligence and Beneficial Ownership Final Rule

  20. Customer Due Diligence and Beneficial Ownership Final Rule

  21. Customer Due Diligence and Beneficial Ownership Final Rule

  22. Customer Due Diligence and Beneficial Ownership Final Rule

  23. 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

  24. BSA/AML Questions

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