AML/BSA compliance is always near or at the top of any compliance professional’s list of topics to monitor.
The Anti-Money Laundering Act of 2020 made several substantial changes to the BSA statute, and FinCEN and the prudential regulators are now slowly putting them into practice by amending the regulation and exam procedures. Most critical is a change to the beneficial owner rules that took effect in 2018; eventually (key word there) these requirements will be shifted onto businesses to be maintained in a government database.
We’ve seen the first few new regulations from FinCEN to put these requirements into effect. How should financial institutions deal with that now though? We’ll eventually see changes in SAR procedures as well and the inclusion of federal AML priorities into individual institutions’ BSA policies.
The program is designed for BSA officers, compliance officers, auditors, and those responsible for either overseeing BSA in general or those within the lending business units with BSA responsibilities.
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