BSA & OFAC Summer Update
FinCEN is rewriting the rules and your BSA program needs to keep up or risk falling behind! This webinar will show you how to get on board with the new tone from the top. Cut the noise, run a great effective program, reduce paperwork, and increase time spent on high-risk transactions.
KEY WEBINAR TAKEAWAYS
- Breakdown of the proposed rule for fundamental reform of BSA programs
- Legislative update on the STREAMLINE Act to reduce CTR burdens
- SAR FAQs reduce SAR burden
- Exceptive relief to beneficial ownership certifications
BONUS MATERIALS
- Handout on FinCEN’s Fundamental Changes proposed rule
- Handout on the Guaranteeing Fair Banking EO
- CDD Handbook
WEBINAR DETAILS
In the last year, FinCEN has reduced SAR burdens and provided exceptive relief on beneficial ownership. Now FinCEN proposes to fundamentally reform financial institution programs designed to fight illicit finance. The proposed rule would revise FinCEN’s regulations to reflect statutory changes made by the Anti-Money Laundering Act of 2020. This proposed revision of AML/CFT programs fully supersedes a proposed rule published on July 3, 2024, which FinCEN is withdrawing. During this summer update, we will detail how these changes can and will affect your BSA/AML programs.
