ComplianceOnline

"BSA/AML/OFAC Risk Assessments - Are You Doing Them Correctly" - This course is approved by NASBA (National Association of State Boards of Accountancy). Seminar attendees are eligible for 14.4 CPE credits upon completion of this workshop.

Although financial institutions have been managing BSA operations as per the regulatory requirements, the change in focus to appropriate BSA/AML/OFAC risk assessment has become increasingly important. Regulators look to the organization for insurance and evidence that BSA operations are appropriately performing risk assessments. Appropriate risk assessments are essential in an organization’s strategic planning and development, as well as ensuring compliance with laws and regulations.

This Bank Secrecy Act risk assessment seminar will highlight BSA best practices that are being acknowledged and recognized by regulators and examiners and will discuss each risk assessment area. Attendees will learn how to conduct a comprehensive review of their current organization’s BSA/AML/OFAC risk assessment.

Learning Objectives:

Key goals of this BSA risk assessment course are:

  • To review and evaluate policies and procedures for risk assessments
  • To help identify your organization’s risks
  • To determine your organization’s risk threshold based on the organization’s strategic plans and business models
  • To discuss how to conduct a comprehensive review of your organization’s BSA/AML/OFAC risk assessment, including
    • Determining completeness of the risk assessments
    • Determining the thoroughness of risk assessments
    • Determining if current risk assessment matrixes are appropriate for your organization
  • To discuss how to establish risk assessments for your organization, specifically:
    • BSA risk assessments
    • AML risk assessments
    • OFAC risk assessments
  • To illustrate how to perform the risk assessments
  • To highlight the need for periodically reviewing risk assessments to determine if they are still relevant, appropriate, and adequate
  • To discuss implementing a BSA/AML/OFAC risk assessment program at your organization
Seminar Fee Includes:
Lunch
AM-PM Tea/Coffee
Seminar Material
USB with seminar presentation
Hard copy of presentation
Attendance Certificate
$100 Gift Cert for next seminar

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 Auditors
  • Risk Managers
  • Legal Department Personnel
  • Regulators
  • Compliance Officers

Topic Background:

Financial institutions are required to be compliant with BSA rules and regulations. Such compliance needs to be well documented and consistent to ensure financial institutions avoid BSA violations and implications. Financial institutions’ BSA programs must have adequate risk assessment policies and procedures along with monitoring programs, training programs, and qualified employees overseeing the BSA daily operations and independent testing. An effective BSA risk assessment program will ensure that all areas are being evaluated for risk appropriately and being monitored on a routine basis. However, to accomplish this, your financial institution must not only have the appropriate risk assessment procedures in place, but also be performing them correctly.

We are registered with and adhere to the Statement on Standards for Continuing Professional Education programs of the National Registry of CPE Sponsors. Our registration number is 109066. Please check with the governing body of your license and state for specific CPE requirements. Grievances may be forwarded to the company at 650 620 3961. Grievances may also be forwarded to the National Registry of CPE Sponsors-NASBA, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417, 615-880-4200, www.learningmarket.org, e-mail cpe@nasba.org.

Field of Study:

  • Specialized Knowledge and Applications 720 Min

Program Delivery Method: Group-Live
Program Level: Basic and Intermediate
Advance Preparation/Program Prerequisites: None

Register by phone or need assistance? Call +1-888-717-2436 Register Now Download Brochure
Day 01(8:30 AM - 4:30 PM)
  • 8:30 – 9:00 AM: Registration
  • 9:00 AM: Session Start Time
  • Welcome and Introductions (30 Minutes)
  • Understanding the Basics (1 Hour)
    • Risk Assessment 101
      • What is a risk?
      • Risk and your business objectives
      • Types of risks
      • Consequences of failing to recognize risks
      • Lack of risk monitoring implications
  • Establishing the Importance of Proper Risk Assessing (1 Hour)
    • Board of Directors and Senior Management Involvement
      • Implementing a risk assessment which best reflects the organization’s goals and objectives
      • Examples of involvement
      • Roles and responsibilities
    • Reviewing and Determining Risks
      • Who is responsible for determining risks?
      • How do you know that your risk rating is appropriate?
    • Establish Appropriate Risk Ratings
      • Types of risk ratings
      • Who reviews and approves risk ratings?
      • Example: risk rating determination spreadsheet
    • When Risk Ratings Don’t Make Sense
      • Changing risk ratings
      • Ensuring reasons are documented to support risk ratings
  • Establishing Risk Matrixes (5 Hours)
    • BSA Risk Assessments
      • Definition
      • Examples
    • AML Risk Assessments
      • Definition
      • Examples
    • OFAC Risk Assessments
      • Definition
      • Examples
Day 02(8:00 AM - 12:00 PM)

  • Compliance Consideration
    • BSA/AML
    • The Office of Foreign Assets Controls (OFAC)
    • Massive Fines for Non-compliance
    • Examples of How Incorrect Risk Ratings Affect an Organization
  • Continuous Monitoring
    • What is Considered Continuous Risk Assessment Monitoring
    • The Pros and Cons
    • Making Changes
    • Establishing a Review Schedule
  • The Risk Assessment Toolkit
    • Example Policies
    • Example Risk Assessment Matrixes
    • References and Links
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Craig M Taggart

Craig M Taggart
Managing Director, BCC Capital Partners

Mr. Craig Taggart, MBA is a highly experienced and educated BSA/AML and Financial Services professional with extensive process development, training, banking, monitoring, risk management, and capital markets experience. Mr. Taggart's emphasis has been working with financial institutions that are experiencing regulatory concerns and resolutions, including enforcement actions such as memorandums of understanding. His 10 years of experience has given him the opportunity to work from small community banks to large, international financial institutions. His roles not only included BSA/AML and Compliance, but also operations, lending services, business development, marketing, management, department development, and asset quality. He has worked with all of the financial regulators and examiners such as FINRA. He also has experience with several versions of banking software. He has been responsible for creating both recurring and ad hoc executive management and board presentations. In addition to his above experience, he also has written BSA/AML and Compliance articles, training materials, and manuals as requested from numerous clients. Craig Taggart also has about a decade of experience in the fields of mergers and acquisitions and business financing. Mr. Taggart works strategically with his clients to achieve the highest value for their business within the capital markets. His experience with BCC Capital Partners in the M&A industry has greatly contributed to his understanding of transaction structure, strategic placement of buyers, and the attainment of maximum market value for his clients. He has represented and sold many businesses in a number of different industries and has significant experience working with companies in: continuing education, transportation, software and professional services.

Mr. Taggart is currently working in the clean energy sector that covers multiple initiatives within M&A and corporate development.He is a certified merger and acquisition advisor, accredited valuation analyst as well as an active member of Alliance of Mergers and Acquisition, and The National Association of Certified Valuators and Analysts (NACVA). Mr. Taggart has been a certified fraud examiner since 2011 and has owned an investigative franchise business, which focused on fraud based cases involving insurance, asset searches, surveillance, witness statements.He earned his MBA from the San Diego State University specializing in financial management. Mr. Taggart graduated from the California State University Northridge with a bachelor’s degree majoring in organizational psychology.

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