Stay on Top of BSA/AML Compliance
2020 brought about a lot of change that directly impacted your BSA/AML program. We had the COVID-19 pandemic, more states legalized recreational marijuana, regulatory change, cryptocurrency, etc. 2021 looks to be more of the same. During our recent BSA/AML New Year Update webinar, Kevin discussed three things you will want to keep in mind as you navigate through these changes.
Listen to Kevin explain more.
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There’s just a lot of change particularly that came with 2020 and going into 2021.
So you have changes in the economy, you have changes related to the pandemic, you have these legal changes when it comes to things like drugs and marijuana. And then, oh yeah, we have development of cryptocurrency that’s coming out. We have alternate payment methods, things like Venmo and some of these app-based payment systems that are out there. There’s just a lot of change particularly that came with 2020 and going into 2021.
So there’s three things, as we go through the material today, I want you to keep tracked up. One, update your risk assessment. As we’re going through today, there’s going to be clues and cues for you to make sure that you’re updating your risk assessment. Number two, think about training. Always keep that in the back of your mind. Is there something that I cover that maybe you aren’t going to be the person directly responsible for it, or maybe there’s others on your team who are going to be responsible as well?
How are you going to train them to make sure that they’re up to speed? And then, how are you going to document that training? We’ll talk about that a little bit in depth as well. And then finally, number three, get before the board of directors. There has been a lot of change. They might not appreciate really how much this is impacting the BSA function of the bank. So get before the board of directors, let them know how much things have changed and how much you’re spinning your tires trying to keep up with it, and then also warn them there’s change on the horizon. So they just need to start hearing that message early because you want them on your team, because ultimately it’s the board’s responsibility to make sure that they’re keeping ahead of these BSA issues.
Published
2021/02/01
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).