BSA Consent Orders: Lessons Learned for Smaller Institutions
They can damage a financial institution’s reputation and pocketbook. TD Bank was recently slapped with a $1.3 million dollar fine and have had their reputation sullied. This webinar will focus on lessons learned that apply to smaller institutions. Don’t miss this chance to learn from a real-life scenario.
WEBINAR HIGHLIGHTS:
- How much should a financial institution spend on BSA/AML?
- What goes wrong when alerts backlog?
- What happens to product development?
- What happens to a financial institution’s expansion plans?
- What is the board’s role?
- What is demarketing an account? Why should this be timely?
- What are inadequate cash handling procedures?
- Can you avoid screening transactions?
- How do you monitor insiders?
- What is effective monitoring? Zelle, P-2-P, ACH, wires, and more
- What should be done about high-risk jurisdictions?
WEBINAR DETAILS
On October 10, 2024, the following was in a consent order issued by FinCEN:
TD Bank vastly underinvested in its AML compliance efforts, with TD Bank knowingly spending an order of magnitude less than its peers. Additionally, the Bank’s AML staffing was not proportionate to its size, risk profile, and ongoing compliance concerns: during the periods of TD Bank’s most acute issues (including those related to backlogs from insufficient staffing), AML spending remained flat. […] The systemic failures of TD Bank’s AML program caused actual and material harm to the U.S. financial system. (Emphasis added.)
Would you want this statement in a public consent order about your financial institution? This program will look at lessons learned for smaller institutions. This 99-page consent order and $1.3 billion fine from FinCEN has some golden nuggets for financial institutions trying to run a good program. Join us to learn more.
WHO SHOULD ATTEND?
This informative session will benefit BSA/AML officers, management, directors, and compliance and training staff.
