The BSA/OFAC examination process is intended to assess the effectiveness of a financial institution’s compliance program and the institution’s compliance with the regulatory requirements related to BSA/OFAC requirements.   A regulatory examination should cover a review of the risk management process, an analysis of the institution’s independent testing system, a detailed and thorough of the BSA compliance program, transaction testing where appropriate, a specific review of the suspicious activity identification, monitoring, and reporting systems, and a review of IT systems used in the BSA process.  This webinar will discuss ways you can prepare for the regulatory examination by reviewing your previous examination or audit reports, available work-papers related to the examinations, and management’s responses to identified BSA issues.  We will also discuss the fact that you should review any correspondence between your institution and its regulators, law enforcement agencies related to BSA compliance, FinCEN, and the IRS.  It addition we will address why you should review all of your IT systems and processes, all of the reports you are required to provide to regulators, your processes for complying with Office of Foreign Assets Controls (OFAC), and especially ensure that your Suspicious Activity Reporting processes and Currency Transaction Reporting processes fully comply with all laws and requirements.

Course Objectives:

This webinar will discuss how your financial institution should prepare for a BSA regulatory examination.  We will address the requirement, need, and importance of an examination, how you can use the results of an examination to improve your organizations operations, how to assign responsibilities for your staff, and how to the phases of the examination.

Why Should You Attend:

Attending this webinar will help you understand that examinations are a normal part of the regulatory process and are no different than an internal or external audit.  All of these reviews, examinations and audits, provide your institution with a third-party review of your operations, provide you with suggestions of how to improve your operations, and point out your level of compliance with AML/CFT laws and regulations.  The examination process should not be thought of as a negative event, but as a positive process for your institution to find out how compliant the organization is, help you indentified areas that need to be improved, and provide you with expert knowledge of industry standards currently used by other financial institutions.  Regulatory examinations and audits are a requirement that will always be a part of the supervision process for all financial institutions.

Course Outline:

• Assigning a point of contact
• Gathering needed information
• Assigning appropriate staff
• Reviewing previous examinations
• Reviewing previous audits
• Gathering all written policies, procedures, and desk practices
• Ensuring senior management support to be cooperative with regulators

What You Get:

•  Training Reference Materials
•  Live Q&A with our Expert
•  Participation Certificate
•  Access to Signup Community (Optional)
•  Reward Points

Who Will Benefit:

• Directors of the Institution
• Managers of the Institution
• Risk Managers
• BSA/OFAC Officers
• Compliance Officers
• Audit Staff
• BSA/OFAC Staff