AML/CFT Changes are Coming!
You may have heard about the Proposed Rule to strengthen and modernize financial institutions anti-money laundering (AML) and countering the financing of terrorism (CFT) programs. This reform, when it comes, will be extensive. One of the first things that stands out is that the days of BSA/AML will fade away and the AML/CFT will be the new norm. Keep in mind, the Bank Secrecy Act isn’t actually going away, it’s just being rebranded and expanded. Specifically, your AML/CFT programs will be required to be effective, risk based and reasonably designed. In many ways, your BSA/AML programs today should (and likely do) meet that same criteria but you will still likely need to tweak what you are doing. One example is that today’s BSA/AML rules do not explicitly require you to do a risk assessment. But the new AML/CFT rules will mandate that you do a risk assessment and that it addresses specific information.
Kevin explains more in the video:
Once a Final Rule is issued, the changes will likely be implemented in phases but now is as good of a time as any to at least start to get that first foot down. We are excited to announce that in 2025 we will be offering an Anti-Money Laundering (AML) & Countering the Financing of Terrorism (CFT) Membership Group to help you with your preparation efforts.
What does membership get you?
- 60 - 90 Minute Monthly Online Meetings Hosted by Banker’s Compliance Consulting (BCC)
- Collaborative Agenda & Training Topic(s) for Each Meeting
- Unlimited Access to All BCC AML/CFT Webinars*
- Includes Quarterly One on One AML/CFT Consultations with a BCC Expert*
- All Meetings Will be Recorded with Unlimited Archived Access*
- Unlimited Number of Attendees from Your Team
*During your monthly paid subscription.
Even better, if you join the group before the end of 2024, you will get access to this year’s “Annual BSA/AML Management & Board” training webinar at no extra charge.
2024/11/25
Kevin Edwards
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).