The decade is quickly coming to an end, so as we put 2019 in our rear-view mirror, it’s time for a fresh start with the new year and new decade approaching. Regulatory hot topics and exam findings from 2019 give us a good road map for 2020 exam preparation. Financial institutions can learn from past exam experiences from other institutions as well as their own, both positive and not so great. Exam findings and consent orders can become positive experiences by using the data to enhance your institution’s BSA program and improve the results of your next exam. After all, regulatory scrutiny for money laundering and financial crimes is most likely not going to be deregulated any time soon.
In a recent Abrigo webinar presentation by John Geiringer, partner at the law firm Barrack Ferrazzano, John recapped exam findings and consent orders from 2019. He suggests using this data to reverse engineer your exam experience for 2020 and start the year on a proactive note. Let’s recap the lessons learned from last year and discuss ways that your institution can prepare for its next exam.