BSA Bank Secrecy Act Reporting Expectations

Duration: 60 Minutes
Real or perceived, over the last several years regulatory expectations have been heightened. As we enter 2017, and embark in a new year, what can we expect regarding Bank Secrecy Act (BSA) reporting expectations? The BSA requires that financial institutions have AML Programs that are "reasonably designed" to maintain appropriate records and file certain reports involving currency transactions and a financial institution's customer relationships. Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs) are the primary means used by banks to satisfy the requirements of the BSA.
BSA Bank Secrecy Act Reporting Expectations
Instructor: John Reynolds
Product ID: 506286
Objectives of the Presentation
  • The requirements to file CTRs and SARs
  • Usefulness to Law Enforcement of both CTRs and SARs
  • Usefulness to the bank of filing CTRs and SARs
  • What can be done to focus the program or improve efficiency of the program - such as exempt customer lists, tuning and rationalization of rules/scenarios?
  • The importance and roll of a well-trained staff
Why Should you Attend
As set forth in the introduction of the BSA, the regulations were originally intended to aid investigations into an array of criminal activities, from income tax evasion to money laundering. Law enforcement agencies have found CTRs to be extremely valuable in tracking the huge amounts of cash generated by individuals and entities for illicit purposes. SARs used by financial institutions to report identified or suspected illicit or unusual activities are likewise extremely valuable to law enforcement agencies.

The biggest failure of an AML Program is the failure to file or to adequately file SARs. It's always important to assess BSA reporting expectations and to address the question of how to define a "reasonably defined" BSA/AML Program. To that end, this webinar will discuss the important role CTRs and SARs play in this space, how to improve efficiency of the BSA/AML program, including the importance of a well trained staff.

Areas Covered
  • Purpose and evolution of the BSA
  • Overview of BSA reports and requirements, including CTR's and SAR's
  • Benefits and importance of BSA reporting to law enforcement
  • Measuring regulatory expectations for BSA reporting
Who will Benefit
BSA/AML Officers, Compliance Officers, Chief Compliance Officers, Sanctions Officers, AML Analysts, Risk Officers, Chief Risk Officers, Legal Departments, Risk Managers and CEO/Presidents at Banks, Broker-Dealers, Money Services Businesses and other non-bank financial institutions
$200
Recorded Session for one participant
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Recorded Session - How it works
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  • Upon purchase of the recorded session a link will be updated on your OCP Account within 24 hours
  • Please click on the link to access the Recorded Session
  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account after 48 hours of the product Purchase
  • Please share your valuable Feedback at the end of the session
Instructor Profile:
John Reynolds is a former Bank regulator, having retired from the NY Fed as an examining officer in the financial institution supervision group. Mr. Reynolds started out his career as an assistant bank examiner in 1979 working up through the ranks and has been involved in all facets of bank examination work at international, large complex institutions, regional, and community institutions. From 2009 until his retirement in 2015, he played a leadership role in the NY Fed's Compliance examination work, where he guided teams of examiners reviewing institutions' compliance with AML-BSA and OFAC regulations and laws.

Mr. Reynolds holds a BS in accounting from Fordham University and an MBA in International Finance from New York University.
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