RELEASE DATE: AUGUST 23, 2021
DURATION: 40 MINUTES
Bank Secrecy Act is always a hot topic for examinations and audits. Every credit union must bring its “A-Game” to the table when examination time comes around. But who is ultimately responsible for BSA compliance? The Board of Directors- that’s who. And also the Supervisory Committee who is responsible for ensuring the audit of the credit union’s program identifies and issues to be fixed prior to the examination. Volunteer understanding of the requirements for complying with the Bank Secrecy Act and Office of Foreign Assets Control requirements are essential in providing the resources and tools necessary to fulfil the credit union’s responsibilities of protecting the US financial system from money laundering, terrorist financing and frauds and financial abuses. This program provides a high-level overview of the credit union’s responsibilities, looks at enforcement actions against other institutions and recent headlines related to these types of crimes. In this session we will cover:
- BSA and OFAC requirements for compliance
- The role of risk assessments for new and existing products and services
- Recent changes to federal law and regulations
- Insights into enforcement actions and criminal financial activities
- And more…
Looking for more BSA training?
- Click here to learn about training on Bank Secrecy Act (BSA) Compliance for Frontline Staff
- 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
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.