BSA Consent Orders: Lessons Learned for Smaller Institutions

December 6, 2024

Auditing & Accounting Compliance Directors Operations Security & Fraud Senior Management

Live Webinar:

DateDec 6, 2024Duration90 minutes

12:00 PM PST01:00 PM MST

02:00 PM CST03:00 PM EST

Unlimited connections for your institution
Available on desktop, mobile & tablet
Take-away toolkit
Presenter’s contact info for questions

On-Demand Webinar:

Unlimited & shareable access starting two business days after live stream
Available on desktop, mobile & tablet devices 24/7
Take-away toolkit
Ability to download webinar video
Presenter's contact info for questions

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BSA consent orders are no joke!

They can damage a financial institution’s reputation and pocketbook. TD Bank was recently slapped with a $1.3 million dollar fine and have had their reputation sullied. This webinar will focus on lessons learned that apply to smaller institutions. Don’t miss this chance to learn from a real-life scenario.

WEBINAR HIGHLIGHTS:

How much should a financial institution spend on BSA/AML?
What goes wrong when alerts backlog?
What happens to product development?
What happens to a financial institution’s expansion plans?
What is the board’s role?
What is demarketing an account? Why should this be timely?
What are inadequate cash handling procedures?
Can you avoid screening transactions?
How do you monitor insiders?
What is effective monitoring? Zelle, P-2-P, ACH, wires, and more
What should be done about high-risk jurisdictions?

WEBINAR DETAILS

On October 10, 2024, the following was in a consent order issued by FinCEN:

TD Bank vastly underinvested in its AML compliance efforts, with TD Bank knowingly spending an order of magnitude less than its peers. Additionally, the Bank’s AML staffing was not proportionate to its size, risk profile, and ongoing compliance concerns: during the periods of TD Bank’s most acute issues (including those related to backlogs from insufficient staffing), AML spending remained flat. […] The systemic failures of TD Bank’s AML program caused actual and material harm to the U.S. financial system. (Emphasis added.)

Would you want this statement in a public consent order about your financial institution? This program will look at lessons learned for smaller institutions. This 99-page consent order and $1.3 billion fine from FinCEN has some golden nuggets for financial institutions trying to run a good program. Join us to learn more.

WHO SHOULD ATTEND?

This informative session will benefit BSA/AML officers, management, directors, and compliance and training staff.

TAKE-AWAY TOOLKIT

Consent orders
Audit checklist from consent order
FFIEC exam manual in Word
Employee training log
Interactive quiz
PDF of slides and speaker’s contact info for follow-up questions
Attendance certificate provided to self-report CE credits

NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your institution is prohibited. Print materials may be copied for eligible participants only.