RW Advantage - Webinars

The following webinar is no longer available.

If you have any questions or comments please give us a call at 1.800.348.1831 or submit a form here and we will get back to you as soon as possible. Please visit our Educational Services page for more webinars.

Event Name:BSA Bank Secrecy Act Reporting Expectations
Date:Wednesday, February 8, 2017 1:00pm CST
Presented By:BankersHub
Panelist(s) Info: Dennis Lormel Founder and President DML Associates LLC
Price:$249.00
Credits:1.2 AAP Credits, 1.0 CPE Credit
Description:

Real or perceived, over the last several years regulatory expectations have been heightened. As we enter 2017, and embark in a new year, what can we expect regarding Bank Secrecy Act (BSA) reporting expectations? The BSA requires that financial institutions have AML Programs that are “reasonably designed” to maintain appropriate records and file certain reports involving currency transactions and a financial institution’s customer relationships. Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs) are the primary means used by banks to satisfy the requirements of the BSA.

As set forth in the introduction of the BSA, the regulations were originally intended to aid investigations into an array of criminal activities, from income tax evasion to money laundering. Law enforcement agencies have found CTRs to be extremely valuable in tracking the huge amounts of cash generated by individuals and entities for illicit purposes. SARs used by financial institutions to report identified or suspected illicit or unusual activities are likewise extremely valuable to law enforcement agencies.

The biggest failure of an AML Program is the failure to file or to adequately file SARs. As we begin a new year, it’s a good opportunity to assess BSA reporting expectations and to address the question of how to define a “reasonably defined” BSA/AML Program.

This insightful session will discuss the following points:

  • Purpose and evolution of the BSA
  • Overview of BSA reports and requirements
  • Benefits of BSA reporting to law enforcement
  • Measuring regulatory expectations for BSA reporting