One of the most serious responsibilities entrusted to your credit union is finding and combating financial crime and terrorist financing. This responsibility is required by the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) laws and regulations. To meet these requirements, your credit union must...
One of the most serious responsibilities entrusted to your credit union is finding and combating financial crime and terrorist financing. This responsibility is required by the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) laws and regulations. To meet these requirements, your credit union must have knowledgeable and informed professionals.
During this eSchool, you’ll:
- Learn about the latest revisions to BSA requirements
- Hear current best practices for keeping your credit union's anti-fraud and anti-money laundering (AML) efforts in full compliance
- Have the option to earn or recertify for the CUNA Bank Secrecy Act Compliance Specialist (BSACS) certification
This event is endorsed by CUNA Operations & Member Experience Council.
Who should attend
This eSchool is beneficial for both new and seasoned BSA compliance officers, all compliance staff, executive-level personnel and any other credit union employees whose job requires an understanding of the BSA/AML requirements. It is also good alternative for those who do not have the travel budget to attend the live event.
Earn or recertify your designation
- Register for CUNA Bank Secrecy Act Certification eSchool.
- Locate a proctor in your area. For more information on proctor guidelines, please click here.
- Schedule your exam on a date that is before the exam deadline: 9-16-19.
- Complete & submit the Proctored Exam Request form four weeks before your scheduled exam date. Remember the exam deadline is 9-16-19, please plan accordingly. When completing the form, choose BSACS Certification Exam (SC503) or BSACS Recertification Exam (SC504). You do NOT need a Comp Code.
- Prepare: to prepare for the certification or recertification exam:
Take the exam before 9-16-19.
Attend CUNA Bank Secrecy Act Certification eSchool
- BSACS certification exam: view the pre-recorded "BSA Compliance Specialist (BSACS) Certification Session." Available October 10, 2018.
- BSACS recertification exam: view the pre-recorded “BSA Compliance Specialist (BSACS) Recertification Session". Available October 10, 2018.
- NOTE: Respective exam content is covered during these sessions, students are not tested on the content of any other CUNA Bank Secrecy Act eSchool session.
A Deep Dive into the Beneficial Ownership Rule
October 9, 2018 // 1:00-2:15 p.m. CT
Speaker: Colleen Kelly
As a result of FinCEN’s 2018 beneficial ownership rule, credit unions had to significantly update their account opening procedures for their legal entity accounts. In this session we will comprehensively review the new regulation, FinCEN’s subsequent FAQs, and any additional clarification that has developed throughout the fall of 2018, including how the new provision in Senate bill 2155 may impact your Member Identification Programs. Through a deep dive into the beneficial ownership rule, credit unions can expect to find new ways to reduce their compliance burden.
- Gain a thorough understanding of the regulatory provisions
- Apply the rule to your credit union’s products and services by carefully reviewing FinCEN clarifications since the effective date
- Discover tips for reducing your credit union’s compliance burden
Financial Elder Abuse
October 16, 2018 // 1:00-2:15 p.m. CT
Speaker: Colleen Kelly
As part of the 2018 Regulatory Relief bill (Sen. 2155), federal law now clearly describes the type of senior financial exploitation training credit union employees must receive to be immune from liability when sharing member information with third parties to report this type of suspected abuse. This session will provide the required training.
Reporting financial exploitation of your senior credit union members has always been encouraged by federal regulatory agencies: FinCEN considers it part of your Suspicious Activity Reporting obligation. The BCFP provided recommendations in its 2016 Advisory on preventing elder financial abuse and NCUA clarified that such reporting is not a violation of the federal privacy regulations. This new law takes the issue one step further by requiring the following credit union staff to be trained:
- Individuals who serve as a supervisor or in a compliance or legal function;
- Individuals who may come into contact with a senior citizen as a regular part of their professional duties,
- Individuals who may review or approve the financial documents, records, or transactions of a senior citizen in connection with providing the senior member credit union services.
- Identify red flags that may trigger the need to report suspected exploitations of senior citizens
- Review how credit union staff will file SARs and report exploitation to appropriate agencies and law enforcement
- Discuss the need to protect the privacy and respect the integrity of each individual credit union member
- Discover ways to stop and prevent senior financial exploitation
BSA Risk Assessments – Do You Have What it Takes?
October 30, 2018 // 1:00-2:15 p.m. CT
Speaker: Sue Landauer
So your credit union has formalized the risk assessment process? Or are you being called upon to formalize your BSA Risk assessment? Because it’s required! Let’s talk about the necessary elements you need and make sure you are in compliance!
- Understand the BSA risk assessment minimum procedures
- Review and Discuss a Case study – what could happen in your credit union!
Identity Theft Red Flags & BSA/AML Compliance: Finding Efficiencies in Related Programs
November 13, 2018 // 1:00-2:15 p.m. CT
Speaker: Sue Landauer
Synthetic fraud – not new, but one of the biggest threats credit unions face today. When unraveled, no true person exists, but the losses that can occur are staggering. We will explore multiple red flags that credit unions need to be aware of to face identity theft, including synthetic fraud, and discuss what we need to have established to try to prevent this type of fraud.
- Learn about compliance programs that detect identity theft.
- List the warning signs of synthetic fraud
- Understand Compliances’ part in identifying synthetic fraud
Cannabis Banking: Boots on the Ground Perspective
November 20, 2018 // 1:00-2:15 p.m. CT
Speaker: Rachel Pross
More than half of the United States has legal cannabis in some form (medical and/or adult-use), but the conflict with Federal law creates unique banking challenges. For example, how can a credit union offer services to a marijuana dispensary if processing deposits for that dispensary could be viewed as federal money laundering? If your credit union does not offer banking to the marijuana industry, how do you handle members who are employed by marijuana businesses? Whether or not your state has passed legalization, the challenges, risks, regulations, and guidelines for robust BSA and AML compliance are important for all credit unions and BSA officers to understand. Even in states where cannabis is illegal, there is a decent chance that you still have cannabis-related activity running through your own credit union.
- Learn about the basic compliance framework for marijuana-related accounts
- Listen to best practices for serving the industry successfully and partnering with law enforcement and regulators
- Hear lessons learned that can be applied to shops of all sizes, red flags to be wary of and cautionary tales from a BSA Officer’s perspective
- Gain practical advice regarding documentation, account reviews and staffing levels
The Impact of FinTech Solutions on Bank/Customer Relationships and BSA Compliance
November 27, 2018 // 1:00-2:15 p.m. CT
Speaker: Glen Sarvady
The vision of “anywhere, anytime” financial services promised by the ongoing pattern of fintech innovations is inherently at odds with compliance mandates like the Bank Secrecy Act and Anti-Money Laundering (BSA/AML). The regulations serve as something of a “speed bump” to ensure the legitimacy of transactions, at times creating disconnects with customer expectations set by the likes of Apple and Facebook. Financial institutions are increasingly partnering with non-bank fintech firms to bring these desired services to market- but must remain cognizant of the fact that it’s the FIs to whom regulators will turn to ensure compliance. Of course these same caveats apply to longstanding third party service providers and the emergence of “open banking”- already a legislated reality in the EU- will only complicate matters. Compliance professionals need to understand the implications of these trends in order to successfully adapt BSA/AML programs to the evolving landscape. Glen will share insights on trends in consumer and small business behavior, look at some of the companies that are upending existing models, and consider the implications for CU visibility and reporting. We'll also discuss implications of the Treasury Department’s recent report on nonbank fintech innovation, and explore the prospects of an "open banking"-like model taking hold in the US.
- Learn about the key players changing the way customers perceive financial services- both in partnership with FIs and independent of them
- Understand how BSA/AML programs can be kept in line with evolving service models
- Hear about the types of information that will both help and hinder CUs' ability to meet existing regulatory mandates to know your customer and source transactions
- Discuss the underpinnings of "open banking," the story behind its EU rollout, how a similar path in the US is a longshot, but why we may wind up in much the same place anyway
Training Your Staff and Board
December 11, 2018 // 11:00 a.m.-12:15 p.m. CT
Session Description coming soon
BSA Compliance Specialist (BSACS) Certification Class (3 hours)
CUNA BSA Compliance Specialist Certification Class curriculum encompasses crucial Bank Secrecy Act (BSA) content for students who need a comprehensive understanding of the BSA. It is designed for credit union professionals who need to learn the BSA, as well as anyone interested in refreshing their foundational knowledge in this area. This session is available to registered attendees on October 10, 2018.
- Components of a BSA compliance program
- Customer identification and member due diligence
- Currency Transaction Reports (CTRs)
- Suspicious Activity Reports (SARs) and monitoring requirements
- Office of Foreign Assets Control (OFAC) compliance
- BSA recordkeeping requirements
- Responding to government agencies requests
- Penalties for non-compliance
- Agency guidance
BSA Compliance Specialist (BSACS) Recertification Class (2 hours)
CUNA BSA Compliance Specialist Recertification Class curriculum focuses on Bank Secrecy Act (BSA) beyond the fundamentals. This class is for students who already have a solid foundational understanding of the BSA and are looking for focused training on recent and upcoming changes to the BSA. It is designed for credit union professionals who need to prepare for BSACS recertification, as well as anyone interested in a BSA refresher and BSA regulatory developments from 2016-2018. This session is available to registered attendees on October 10, 2018.
- Customer Due Diligence Rule
- Money Service Business Accounts
- Marijuana Business Accounts
- Other Developments
- Frequently Asked Questions
All live event registrations include credit union access to the recorded event. You may also purchase the recorded event separately. Click here to see more about purchasing the recorded event.
This eSchool is available to CUNA Training Bundle users at no additional cost.