RELEASE DATE: AUGUST 2, 2021
DURATION: 85 MINUTES
Year after year BSA compliance remains a top examination issue with credit union regulators because of its importance in protecting the global financial system. Frontline staff play a key role in the credit union’s BSA compliance program and their understanding of their responsibilities is often tested by auditors and examiners in determining whether the credit union’s BSA program is actually working. Examiners and auditors review everything from membership and account signature cards for Member Identification Program Compliance to checking names against the OFAC list and recording information properly for completion of the recordkeeping and reporting requirements for CTRs, monetary instrument purchases and wire transfers. In this session we will review:
- Customer/Member Identification requirements and due diligence and beneficial ownership
- Requirements for Currency Transaction Reports
- Red flags for money laundering and terrorist financing throughout the account relationship
- Additional red flags for activities reportable on Suspicious Activity Reports
- Information useful for SAR investigations and filings
- Recordkeeping requirements for cash purchases of monetary instruments, and wire transfer information
Looking for more BSA training?
- Click here to learn about training on Bank Secrecy Act (BSA) Compliance for BSA Officers
- Click here to learn about training on Bank Secrecy Act (BSA) Compliance for Lenders
- Click here to learn about training on Bank Secrecy Act (BSA) Compliance for Volunteers
MEET THE PRESENTER
Mary-Lou Heighes started her financial institution-related career in 1989, working in the areas of lending, marketing, collections, and a LOT of “other duties as assigned” in many areas of operations. After 5 years she transitioned to a compliance role at a state trade association providing answers on the compliance hotline, writing articles on changing regulations and providing assistance to state and federal governmental affairs departments regarding proposed laws and regulations affecting financial institution operations.
In 2000 she founded Compliance Plus, Inc. to provide more direct assistance to financial institutions struggling with day-to-day compliance challenges. In this capacity she uses her 25 years’ compliance knowledge to provide phone and e-mail support to retainer clients, in-house consulting and training, and website and marketing compliance reviews. She also speaks around the country on compliance issues for various state trade associations, at industry conferences, and of course webinars.