Gain deeper insight into BSAAML requirements, what must be saved and for how long, as well as critical cybersecurity regulatory requirements to maintain the safety and security of such information.
BSAAML programs are complex and involve the review and assessment of significant amount of documentation regarding financial transactions and customers. Financial institutions must address critical issues regarding the retention and protection of this information to comply with legal requirements. Having the right documentation is critical give the regulatory and law enforcement attention to BSAAML programs and the activities that they monitor. This topic will benefit practitioners in the money services or banking businesses on recordkeeping requirements in the digital age, and review the BSAAML requirements, what must be saved and for how long, as well as critical cybersecurity regulatory requirements to maintain the safety and security of such information. The information will also review active federal legislation to amend the BSAML framework including proposed changes to recordkeeping.
Cybersecurity and BSA Recordkeeping for Wire Transfers and Payment Orders
•General Requirements: Documentation of BSA Compliance Program
•Detailed Policies and Procedures for Conducting Bank Secrecy Act (BSA) Related Transactions
•Training of Employees
•Provision for Independent Audits
•Monitoring of the Compliance Program
•Retention of All BSA Related Documentation
•Office of Foreign Asset Control Requirements
•SAR and CTR Documentation
–Customer Identification Program
Protection of Consumer Privacy – Cybersecurity
•Gramm Leah Bliley Act (GLBA)
–The Privacy Rule (in Effect Since 2000)
–The Safeguards Rule (in Effect Since 2003)
–Federal Trade Commission Proposed Amendments to the Safeguards Rule
•State Law Requirements
Active Legislation to Reform BSA/AML Framework
•H.R. 2513, Corporate Transparency Act
•H.R. 2514, Coordinating Oversight, Upgrading and Innovative Technology, and Examiner Reform (Counter) Act
•Senate AML Bill – Illicit Cash Act
This live webinar is designed for presidents, compliance officers, vice presidents, branch managers, business owners and managers, loan officers, loan department personnel, accountants, mortgage brokers, and underwriters.