Anti-Money Laundering Act: Update & Lessons Learned

Learn how to evaluate your institution’s compliance with the AML Act provisions already in place and plan for those coming down the pike. This session will address the impact on policies, risk assessments, monitoring procedures, and training programs, as well as provide tools and examples to successfully navigate the changes.

After This Webinar You’ll Be Able To:

• Identify the purpose of the AML Act and its impact on your BSA program
• Incorporate the eight AML/CFT priorities into your BSA/AML risk assessment and red flag monitoring programs
• Explain FinCEN’s 2022 final rule to implement beneficial ownership information reporting
• Understand FinCEN’s frameworks to facilitate information sharing among financial institutions and their service providers, regulators, law enforcement, and others
• Detail how virtual currency is considered in regulatory definitions and red flags you should know
• Prepare for changes being proposed to CTR and SAR reporting, including to thresholds and required fields
• Use the information and tools provided to inform your management and board of current and future changes

Webinar Details
It’s been three years since the Anti-Money Laundering Act of 2020 (AML Act) became effective. While there have been a number of notices, advisories, reports, and rulemakings, there are many key components, which may result in additional regulation. Passage of the AML Act has already set in motion a number of issues that will impact your risk-based BSA program and potentially change recordkeeping and reporting requirements. From risk assessments to beneficial ownership to CTRs and SARs — you need to be prepared for changes big and small.

Who Should Attend?
This informative session is designed for BSA officers, compliance officers, security officers, and anyone responsible for managing your BSA/AML program.

Take-Away Toolkit

• AML Act implementation plan
• Sample BSA/AML risk assessment updated for the AML Act
• Beneficial ownership final rule fact sheet
• Employee training log
• Interactive quiz
• PDF of slides and speaker’s contact info for follow-up questions
• Attendance certificate provided to self-report CE credits

NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your agency is prohibited. Print materials may be copied for eligible participants only.

Presenter
Dawn Kincaid – Brode Consulting Services Inc
Dawn Kincaid began her banking career while attending The Ohio State University. She has over 20 years’ experience in client service, operations, information technology, administrative and board relations, marketing, and compliance. Most recently Kincaid served as the Senior Vice President of Operations for a central-Ohio-based community bank, where she created and refined policies and procedures, conducted self-audits and risk assessments, and organized implementation of new products and services. Kincaid has served in the roles of Compliance, BSA/AML, CRA, Privacy, and Security Officer. She has led training initiatives, prepared due diligence information, completed a variety of regulatory applications, coordinated internal and external audits and exams, and presented for numerous state associations.

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