Mandatory Compliance Training - Hillsboro

Farmers State Bank/ 726 Water Ave./ Hillsboro, WI
Registration and light meal  5:30 PM,  6:00 – 9:00 Seminar
$199 (1-2 people)
$119 (3-10 people)
$99 (11+ people)

Topics in 2018 will also include a discussion on Beneficial Ownership!

Because the BSA/AML Examination Manual was revised in November, 2014, the first portion of the workshop is dedicated to discussing in detail the major changes to the Examination Manual and the new procedures the examiners will follow when conducting exams.  These include the following:

Key factors used by examiners to assess risks as Low, Medium or High for BSA/AML compliance

Key elements of the November 2014 BSA/AML Exam Manual to include:

  1.       Legal & regulatory requirements for compliance
  2.       Mandatory elements of a BSA/AML compliance program
  3.       Customer Identification Program requirements
  4.       New OFAC requirements
  5.       Guidance on adequate Customer Notice for CIP compliance purposes
  6.       Clarification of the requirements for Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD)
  7.       Revised Suspicious Activity Reporting Requirements

Specific systems examiners will focus on during new exams, including regulatory requirements

  • Correspondent Account Relationships
  • Bulk shipments of currency
  • Electronic banking
  • Funds transfers
  • Brokered deposits
  • Privately owned ATMs
  • Nondeposit investment products (NDIP)
  • Insurance
  • Lending activities
  • Letters of credit
  • Non-Resident aliens and foreign individuals
  • Politically Exposed Persons (PEP)
  • Nonbank financial institutions
  • Professional service providers
  • Cash intensive businesses

The balance of the workshop will discuss the topics that require annual training, including GLBA, the Bank Protection Act, Privacy, the mandatory ID Theft Red Flags program, Fair Credit Reporting Act, Reg CC, and Fair Lending.

Presenter: Rick McGuigan was Executive Vice President of Community Bankers of Wisconsin.  McGuigan authors and conducts a number of bank-related workshops annually, specializing in the areas of loss prevention, risk management, bank operations, lending, and bank security.  He is a contributing author to a number of banking publications. 

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Course / Seminar Type: In-Person Course / Seminar
Course / Seminar Category: Compliance and Risk Training
Course / Seminar Code:
Course / Seminar Start Date: 05/23/2018
Course / Seminar Price: $199
Course / Seminar Location: Hillsboro

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