BSA/AML/OFAC Risk Assessments and Evaluation Compliance Program - How to Deal, Change and Create Efficiencies and Effectiveness Processes

Why Should You Attend:

The Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) rules require risk assessments for all industries subject to these laws. The scoping and planning of an examination process is guided by the examiner’s review of the BSA/AML risk assessment. Information gained from the examiner’s review of the risk assessment drives the scoping and planning process as well as the evaluation of the adequacy of the BSA/AML compliance program.

A part of the BSA/AML program is to understand how to deal with risk profiling, funds transfers, Currency Transaction Report (CTR) and more. From your development of the risk assessment, you can drive how to handle all of these tasks.

This webinar will explain BSA/AML/OFAC risk assessments and evaluation compliance program. It will discuss how BSA/AML risk assessments can be used to create efficiencies and effectiveness processes.

Areas Covered in the Webinar:

• Creating and updating your risk assessments
• Using your risk assessments: drive down costs & revise processes
• Handling of blocked or rejected transactions
• 314(a) List Coverage
• Politically Exposes Persons (PEPs): how to identify and what to do
• Customer Identification Rules
• OFAC Rules
• Suspicious Activity Reporting: how to identify and handle

Who Will Benefit:

• BSA / AML Officers
• Internal Auditors
• Staff with roles and responsibilities in BSA / AML management and oversight
• Money Service Business BSA/AML Officers
• Corporate Audit
• Compliance Officers
• Risk Managers

Kara Lamphere
Chief Compliance Officer and Director, Mid America Mortgage

Kara Lamphere, is a financial service professional with 16+ years of banking experience including 12+ years of compliance and auditing experience. She is highly skilled in compliance, quality control and audit management with extensive experience in team building, training and employee development.

Kara has a Bachelor’s Degree in Accounting and holds a Certified Internal Auditor license. Her experience has been predominately in financial services with a short stint in public accounting. She began her career as a teller and new accounts representative in college. Internal Audit and Compliance have been the focus of her career by serving as Chief Compliance Officer of a bank, Chief Compliance Officer of a mortgage lender, and VP-Compliance for a mortgage subsidiary which generated $1 billion monthly in mortgage loans. She has also served as a consultant and auditor for banks ranging from $100MM in assets to over $1B in assets.

Topic Background:

Oftentimes, an institution will create a BSA/AML risk assessment to mark such requirement from the checklist of items needed to meet the BSA/AML regulations. However, the risk assessment can be used to drive the entire program and determine resource needs. Before upgrading software, replacing software, adding staff, and more, it might be wise to review the BSA/AML risk assessment. Knowing the higher risk areas of your institution will help determine if those resources need to be changed, how to change them, and what staff to use. Instead of shelving your risk assessment until the next required annual review, use it to create efficiencies and effective processes in your organization.

A part of the BSA/AML program is to understand how to deal with risk profiling, funds transfers, CTRs, funds transfers, and more. From your development of the risk assessment, you can drive how to handle all of these tasks. While you must file CTRs and perform funds transfer recordkeeping, you might choose to make that an off the shelf software due to your volume. However, you may choose to put more money into software upgrades for risk profiling due to the higher volume and risk associated with your commercial lending product. Your risk assessment can be a powerful tool to ensure you are spending money and resources to impact the biggest areas for your institution.

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