On-site BSA/AML/OFAC Examination
Duration: 60 Minutes
This webinar will explain the process and prominence of on-site BSA/AML/OFAC examination. The instructor will discuss significant strategies and aspects to remember when dealing with the examiners throughout the entire process that can lead to an improved examination experience for attendees.
Objectives of the Presentation
Why Should you Attend
- Advance notice
- Entry Letter Questionnaire - or - the First Day Letter
- Gathering and Delivery of Entry Letter Responses
- Scoping of the examination
- Examination activities, transaction testing, policies, procedures
- Prior Examination issues: Remediation, tracking, and validation
- Examination findings
- Preliminary close-out meetings
- Formal close-out meeting - with management with board of directors
- Delivery of the examination report
- Responding to the examination report
- Establishing tracking for remediation of examination issues
The most effective way to manage BSA/AML/KYC/OFAC compliance risk is to have a robust compliance program in place at your institution. The needs will vary based on the size of institution, demographics, etc. However, that all BSA/AML/KYC/OFAC compliance programs will have to be reviewed by the examiners at regular intervals- from the federal regulatory bodies and/or state banking or finance department, or the home country regulators.
The regulatory agencies in the USA typically conduct safety and soundness examinations of banking institutions on an annual basis, though for smaller institutions that are in satisfactory or strong condition the examination cycle can be less frequent. The safety and soundness examination typically includes an examination of the BSA/AML/OFAC compliance program.
This webinar will discuss the different aspects of on-site BSA/AML/OFAC examination.
Who will Benefit
- BSA/AML Officers
- Compliance Officers
- Chief Compliance Officers
- Sanctions Officers
- Regulatory Liaisons
- AML Analysts
- Risk Officers
- Chief Risk Officers
- Legal Departments
- Risk Managers
- Money Services Businesses
- Other non-bank financial institutions