Few regulations are as complex and have as many nuances, related anti-money laundering laws, and regulations as the Bank Secrecy Act. Effective management of a credit union’s BSA function requires a level of knowledge that can only be acquired with ongoing training and experience. BSA failures have resulted in some of the largest fines in U.S. financial services history, not to mention the added potential for significant civil and criminal penalties associated with violations.
This program will address changes in all aspects of BSA policy administration, provide ample opportunity for group discussion and sharing of "best practices", and present a road map to BSA compliance that is appropriate for credit unions of all asset sizes. Attendees will receive a personalized certificate to demonstrate their participation in this important required annual training.
Presenter: Steve Gibbs, CUCE / BSACS, is Assistant Vice President of Shared Compliance for Credit Union Resources, Inc. in Plano, TX. His career of more than 30 years in the financial industry includes service with the Federal Reserve Bank of Dallas, the Federal Home Loan Bank of Dallas (Office of Thrift Supervision), and the FDIC, where he achieved professional designations and awards. Previously he has been Director of the Southwest CUNA Management School, Director of Information Central, and a Lobbyist / Legislative Analyst. In addition to speaking, Gibbs writes articles for numerous regional and national industry publications.
Who should attend? This seminar is appropriate for anyone who is responsible for your BSA / AML program, especially designated officers, risk managers, compliance / operations / administration executives, auditors, and select volunteers.
Continuing the ongoing dialogue with Vermont's BSA professionals - For the past four years, attendees have regularly requested that AVCU continue to use Steve to conduct this training. His relaxed presentation style, the relationships he has built with Vermont personnel from credit unions of all asset sizes, and his method of consistently engaging the entire group in valuable interactive discussions are just some of the factors and comments attendees have mentioned in post-seminar evaluations. This is his fifth consecutive year as our trainer.
Personalized Training Completion Certificate - Every attendee who completes the in-person training will receive a certificate signifying that this seminar meets the required training obligations of the BSA as mandated by FinCEN.
2016 BSA / AML: Developing Tools for the 21st Century
- Catching Up - 2016 status of Bank Secrecy Act / Anti-Money Laundering ... (includes Interactive Discussion topic: "BSA / Compliance Officers - What are our Responsibilities?")
- USA PATRIOT Act - 2016 update
- Regulatory Issues - Changes, updates, and forecasts
- Anti-Money Laundering (AML) - Issues, both currently existing and potential, as well as mechanics
- Customer Identification Procedures (CIP) - Member / Business Due Diligence - Increased Awareness
- Currency Transaction Reports (CTRs) - Review / Quality Control
- Suspicious Activity Reports (SARs) - Background / Red Flags / Effectiveness / Confidentiality & Control / LEO inquiries
- Electronic Funds and Other Media - ACH / Electronic Payments / Securing Your Wires / Other money laundering vehicles
- High Risk Members, Businesses & MSBs - Recognizing and managing high risk / Analysis / Monitoring / Control
- Office of Foreign Assets Control (OFAC) - Government lists / History / World changes / Handling the rare "Positive - Positive"
- Front-Line Staff and Board - Reporting / Educating
- Exams and Audits - Avoiding BSA/OFAC Pitfalls ... (includes Interactive Discussion topic: "How I've Successfully Managed the Exam Process")
- Performing Your Own Audit - Preparation / Assembly / Maintaining objectivity / Getting buy-in from others
- Tools and Resources - Technology and Beyond - Assessing needs / Trends in software ... (includes Interactive Discussion topic: "What's Available")
- Assessing Risk for BSA and AML - Rating system / Risk profile / Risk mitigation strategies
- Training - Being creative / Applying techniques / Testing and establishing goals
- Summary - The future and role of compliance as it relates to your credit union's BSA / AML program
(Download the promotional brochure for complete program information. The above outline is subject to minor changes; final session agenda may include other important topics)
When & Where
Association of Vermont Credit Unions
AVCU is the state-wide trade association for Vermont's credit unions, providing advocacy, education, information-sharing and fee-based operational services.