Education & Events

To meet the ongoing regulatory requirements, the Illinois Bankers Association is pleased to offer the

*** BSA/AML YEAREND UPDATE ***

Live Streamed ~ October 29-30, 2024 - 9:00 a.m. to 4:00 p.m. CT Daily

 

Did you know that in Quarter 1 of 2024 there were six BSA/AML enforcement Actions by the FDIC and OCC? And, in 2023 and to date, there have been 28 BSA-related Enforcement Actions impacting financial institutions with asset sizes from $80 Million to over $800 Billion. With the regulatory agencies committing to more focused BSA/AML examinations, it is critical to ensure your BSA/AML/CFT program is not only appropriate for your bank's risk exposure but also proactively staying current with emerging developments, threats, and trends.

This two-day program focuses on the current changing BSA, AML/CFT compliance arena and offers tools to manage an “adequate” and “effective and reasonably designed” BSA program to meet regulatory expectations. In addition, this program also assists financial institutions in meeting the annual training requirements by the BSA regulations. Attendees receive a Training Manual as well as a Resource Toolkit packed with “takeaway tools and resources.” This event provides opportunities to network with peers and industry experts on current challenges and trends.

DAY 1 AGENDA
 

• 2024 Latest Development and Emerging Trends
When updating and reviewing your BSA/AML Compliance Program, what are the current emerging trends to consider? During this opening section, we will review the key emerging trends and provide a checklist assessment of the attendee’s current BSA, AML/CFT Compliance Program.
 

• Where are We Now with the AML Act of 2020?
What is the status of the BSA Reform Priorities set forth in the National Defense Authorization Act? As importantly, what are a financial institution’s expectations to begin incorporating the Priorities into the BSA Compliance Program? This session focuses on the most current regulatory updates for:

o Corporate Transparency Act - Beneficial Ownership
o Update of the AML Act of 2020 - It's More than Beneficial Ownership
o Regulatory Expectations for the Eight National Priorities
 

• Lesson Learned from Recent Enforcement Actions – The Roadmap
Now, more than ever, consent orders are more specific and detailed providing a roadmap for corrective action. Why? It appears that regulators are attempting to send a strong message to banks of all sizes and business models that compliance with BSA/AML rules is not optional. Banks must ensure that their BSA/AML programs keep pace with the bank's growth and any changes to its business activities or risk profile. This session focuses on the usual and emerging “takeaways” from this year’s Enforcement Actions.
 

• BSA/AML Compliance Risk Assessment
Is your BSA, AML/CFT Risk Assessment still Appendix J of the FFIEC Manual or is it an Excel spreadsheet? The enhanced focus on using risk assessments to increase AML program effectiveness is consistent with federal and state regulatory priorities. Many recent BSA/AML regulatory exam findings cite that BSA/AML and OFAC risk assessments lack detailed analysis to identify risk within the customer base. We will focus on improving the BSA/AML risk assessment process and provide additional insight, tips, and recommendations.
 

• Top 10 FinCEN Communications and How They Impact Your Bank’s BSA Compliance Program
So much information overload!?! This session will narrow the recent FinCEN Communications and provide key “MUSTs” for implementation.

DAY 2 AGENDA
 

• Model Risk Management
Does your bank have a BSA/AML Model Risk Management as outlined in the April 9, 2021 guidance issued by the federal banking agencies, in consultation with FinCEN, Interagency Statement on Model Risk Management for Bank Systems Supporting BSA/AML Compliance? This session will focus on the “management” of the BSA/AML Risk Model, the potential red flags of an ineffective program as well as best practices for ongoing development of an effective program.
 

• BSA Compliance Program Check Up
Review, refresh, and refocus your BSA/AML/CFT Compliance Program! We will concentrate on:

o Independent Testing
o Training
o BSA Officer and BSA Team
o Internal Controls
o Ongoing CDD and EDD
o Reporting to the Board
o Potentially Higher-Risk Products and Services
 

• BSA and Third-Party Risks
As banks have increasingly relied on third parties, regulatory expectations have correspondingly heightened. In 2023 and 2024, regulatory guidance was issued regarding third-party risks. Where and how does that involve BSA/AML? During this session, we will review the guidance and consider the types of risks and due diligence that should be considered before onboarding third-party relationships.
 

• Counter-Terrorist Financing, OFAC and Sanctions Risks
FATF is the most important watchdog to deter jurisdictions that may allow money laundering, terrorist financing, and other illicit and corrupt activity in their countries. The latest OFAC updates, how our changing world impacts regulations, and best practices for maintaining OFAC compliance will be discussed.
 

• Emerging Trends – Real-Time Payment Trends and BSA/AML Implications
Join us as we walk through new and existing fraud trends and examine the impact real-time payments will have on BSA programs.
 

• Fraud, Fraud, and More Fraud
According to the FinCEN SAR statistics, of the 4.9 million SARs filed in 2023, 2.2 million were related to fraud. So how do you know when to file a SAR on fraud and when not to file a SAR? During this session, we will concentrate on best practices for enhancing your SAR filing process.
 

• Putting It All Together
 

Who Should Attend
BSA/AML Officers and Team Members, Auditors, Fraud Team Members, and anyone responsible for BSA, AML, and CFT with a working knowledge of BSA.

Facilitators
Dianne Barton is president of Performance Solutions, Inc. (PSI), a training and consulting company that has been a part of the banking community for 40+ years, and specializes in providing “real world’ solutions in meeting the everchanging banking and regulatory environment. PSI’s training programs are designed to “close the gap” between the banks’ needs and employees’ skills. Her trademark “real world” scenarios give participants insight into the practical application of and knowledge.

Kristin Harville is an experienced and knowledgeable compliance professional with an extensive background as a banker, an examiner, and a consultant bringing a wealth of “real world” knowledge that goes beyond the regulations. Her most recent experience before joining PSI included leading a $2.7 B banking compliance team focused on BSA, Compliance Management Systems, Internal Audit, Technology Implementation, and Enterprise Risk Management.

Continuing Education
Pending Approval

Fee Per Person
Member $505
Nonmember $875