BSA, De-Risking: Why De-Risk When You Can Re-Risk?

Why Should You Attend:

Financial institutions are continually evolving their systems and processes, and some continue to be challenged by risks associated with managing high-risk customers. Recent actions have brought forth regulatory criticisms for inadequately managing the risks associated with higher risk customers resulting in greater regulatory and compliance exposure to banks and other financial institutions. With more scrutiny placed on the compliance department to conduct extensive enhanced due diligence, many financial institutions are turning to de-risking to reduce risk to the institution.

This webinar will highlight the techniques and best practices for conducting effective due diligence when accepting or maintaining your portfolio of high-risk customers, and to assess the adequacy and effectiveness of the tools, techniques, and tactics, and talented BSA/AML personnel utilizing them. Utilizing self-testing to identify weaknesses will serve to ensure that your high-risk review controls are operating as designed.

An effective high risk review process will include a thoughtful policy, process, process, source file, work flow and assessment, with a well-written report memorializing findings and results to provide a basis for maintain the customer. This training will look at the practicality of these elements and the implementation factors with each of them.

Areas Covered in the Webinar:

• Key elements of a well-planned review
• Sound techniques for using tools, techniques and tactics
• Each of the key areas are examined
• Scoping and planning a high risk review
• Transactions analysis
• Memorializing and communicating outcomes
• Managing requirements
• Implementing actionable outcomes

Who Will Benefit:

• BSA/AML Compliance Officers and Compliance Managers
• Compliance Analysts
• Chief Compliance Officers
• Internal Auditors
• Operational Risk Managers

Instructor Profile:

Laura H. Goldzung, CFE, CAMS, CFCF, CCRP, is president and founder of AML Audit Services, LLC (AMLAS), a boutique consultancy specializing in independent testing for anti-money laundering compliance programs for bank and non-bank institutions, and serves as its principal examiner. In addition, her expertise includes custom training, and compliance consulting services, which includes design and development of Bank Secrecy Act/anti-money laundering and anti-fraud compliance programs, risk assessment and analyses, remediation and corrective action programs, and expert witness services. Ms. Goldzung has worked with financial institutions that have been referred to enforcement for BSA/AML violations, helping them to bring their AML programs into compliance.

In a career spanning more than more than 35 years across multiple sectors of the financial services industry, Ms. Goldzung has worked in a variety of executive leadership roles. Since founding AMLAS, she has co-created sector-specific compliance officer certification programs and tours internationally presenting various AML/fraud topics for industry-leading organizations, and has authored a number of articles on the topic of AML.

Ms. Goldzung serves as a dispute resolution arbitrator for the Financial Industry Regulatory Authority (FINRA) and contributes to multiple industry programs. She is active with several industry groups including the Association of Certified AML Specialists, Association of Certified Fraud Examiners, Association of Certified Financial Crime Specialists, National Society of Compliance Professionals, SIFMA Compliance & Legal Society, and the Institute of Internal Auditors. She serves on a variety of industry task forces and committees, and contributes to a number of compliance, industry and university education programs.

Topic Background:

On October 26, 2001, the USA PATRIOT Act was signed into law and obligations were set forth with anti-money laundering (AML) provisions and amendments to the Bank Secrecy Act (BSA) in an effort to prevent, detect, and report money laundering and the financing of terrorism. Financial institutions were required to have a written AML compliance program reasonably designed to meet the requirements of the BSA and its implementing regulations. AML compliance programs comprise four pillars, which include:

• System of internal controls including written policies and procedures
• Designation of a compliance officer
• Training for appropriate personnel
• Independent testing

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