Having a risk-based focus as a foundation to your BSA program is the biggest step in driving past competency towards excellence. This guidebook gives you steps to follow while managing, maintaining, and enhancing your BSA/AML program.
The ag economy has changed drastically during COVID. Many ag borrowers bolstered their financial position, benefiting from stimulus programs, higher commodity prices, and stronger-than expected yields. What should ag lenders expect ahead? What are top-of-mind concerns for ag producers and ag lenders?
Download to learn:
- The greatest overall concern facing ag lenders
- How loan demand is expected to progress
- Specific areas to keep an eye on as a financial institution
Check out other ag lender resources:
Learn how to navigate mergers/acquisitions and AML compliance.
Mergers and acquisitions (M & A) are alive and well in the financial services industry. With institution consolidations on the rise, it’s essential to conduct proper due diligence. A compliant Anti-Money Laundering (AML) program can determine the success of a merger or acquisition. When two financial institutions come together, each AML and fraud compliance function will need to be consolidated. Integrating programs creates challenges for Bank Secrecy Act (BSA) Officers responsible for developing an integration plan while ensuring ongoing compliance with existing day-to-day tasks. In this whitepaper, discover why a compliant BSA/AML program is important in the consolidation of institutions. Understanding the mission-critical analysis, best practices, and risks of BSA/AML compliance – no matter what side of the transaction you are on – can determine the success of the transaction and assist in avoiding penalties.
Download this whitepaper to learn:
- The current outlook on financial institution M & A for 2022
- Critical steps to consider when developing a consolidation plan and making decisions around how to build your combined AML compliance team
- How compliance professionals are positioned to protect and prepare the institution for any potential risk the consolidation brings
If M&A seems daunting, or if you are short-staffed, Abrigo Advisory Services can help. Learn more about how we can assist during this transition.
Conducting a staffing assessment is critical to understanding the effectiveness of your AML program. Not only will the staffing assessment reveal any bottlenecks you have in your workflow, but it may also uncover areas where competing tasks are costing your employees valuable time in the AML investigation process. An AML staffing assessment may also help you “make the case” for hiring more people when the total work hours may be higher than the number of hours available within the team. As with any strategic decision-making, the more data you have, the more compelling the solution.
This guide contains some best practices when conducting your assessment and will give you a solid chance to complete your review with results you can use to make strategic staffing decisions for your AML program. Embarking on an staffing assessment can be daunting and it requires a significant investment of time. However, the results can provide you with insights into your department’s workflow and arm you with significant evidence to make needed staffing changes.
Download this guide to learn:
- Tips to creating a document for record keeping and tracking findings as your complete your staffing assessment
- Summarized steps for several important categories, such as conducting a risk assessment, updating policy, procedures, and processes, AML and fraud transaction monitoring, and more
- How to track volumes of each category and how to analyze the data to give you the correct number of employees to meet all regulator expectations
Is your staff set up to work as efficiently as possible? Learn more about how our expert AML consulting team can help.
When FinCEN issues advisories, financial institutions need to know what this means for them regarding their suspicious activity monitoring and reporting programs. FinCEN has identified financial red flag indicators of ransomware-related illicit activity. These indicators can be used in training front line staff as well as AML and fraud investigators.
While much of the cybercrime detected comes from simple techniques such as phishing, others are becoming more sophisticated and complex. Malicious software often encrypts data and prevents or limits users from accessing their system until a ransom is paid. This guide provides summarized examples of trends, typologies, and indicators of ransomware that financial institutions should be aware of, as identified by FinCEN.
Download to learn:
- Examples of different cybercrime and ransomware trends, including Double Extortion Schemes, “Big Game Hunting” Schemes, use of “Fileless” ransomware, and more
- Key indicators of ransomware-related illicit activity, including irregular transactions occurring between customers and organizations, customers showing limited knowledge of CVC yet purchasing CVC, and more
- The specific language to use when filing a suspicious activity report (SAR) for cyber events
Cyber attacks are the most significant threat to U.S. financial institutions. Learn more about what your institution can do to prevent and detect cyber fraud. View our blog, FinCEN Guidance on Cyber Fraud – Video.
Are you in BSA limbo because your BSA officer won the lottery, or they said they couldn’t take any more government changes and retired early? Jokes aside, sometimes an institution loses its top employees for reasons out of its control. The BSA Officer role is vital at a financial institution and one it can’t fill with just any warm body. Institutions need to fill the position with expertise, or they can face extra scrutiny and problems down the road. This guide outlines steps financial institutions can take to help prevent disaster if they ever find themselves going through BSA staffing changes.
Download to learn:
- How to document BSA/AML processes and procedures to ensure all tasks are covered during staffing changes
- Information to include in a formal succession plan
- Suggestions for managing a sudden increase in cases or alerts
Curious on how and when to conduct a formal BSA staffing assessment? Watch our webinar, BSA Staffing Assessments – How Much is Enough?
Is your BSA department understaffed? Are you prepared for unexpected or expected personnel leave? Keeping up with the increased scrutiny of regulations can be overwhelming, especially when change or growth occurs at your financial institution. With turnover in the banking industry continuing to increase and resources tight, it’s important to know that your team can handle an increased workload while keeping current on all day-to-day regulatory deadlines. Assess your institution’s resources and learn how Abrigo’s Suspicious Activity Monitoring Solution can help with this decision guide.
Do you need help working alerts? Our Advisory Services team can act as an extension of your BSA department. Contact an expert here.
When purchasing new compliance software, financial institutions should carefully perform due diligence when comparing service providers. Once a decision is made and software implementation is complete, the Federal Financial Institutions Examination Council (FFIEC) recommends periodic ongoing monitoring of the service provider. Use this checklist to review fundamental steps to help your institution through the BSA compliance vendor selection and monitoring process.
Download this checklist to learn:
- Due diligence steps for selecting a compliance vendor
- Focus areas to review including financial statements, legal, and regulatory compliance
- Ongoing monitoring to perform once a vendor is selected
Discover key areas for your BSA compliance training program with our Introductory BSA Guidebook.
Enhance Your Risk-Focused BSA Program
This BSA compliance training guidebook provides an in-depth review of suspicious activity monitoring and reporting, risk assessments, and sanctions compliance.
Contents of this guidebook include:
- Suspicious activity monitoring and reporting best practices
- FinCEN requirements for reporting financial transactions
- Customer risk rating regulatory requirements
- Key components for a strong sanctions compliance program
Your BSA Guidebook for Suspicious Activity Monitoring and Reporting
An institution’s BSA/AML Program should have strong policies, procedures, and processes in place to identify, evaluate, and report suspicious activity.
Use this guidebook to learn how to :
- Evaluate your BSA system and software
- Develop a thorough risk assessment of your financial institution
- Protect your institution from cybercrime
- Establish strategies for a successful CDD program
- Implement your OFAC compliance program to enforce sanctions
Check out Part 1 of our series for a comprehensive guide to building a sound BSA Program.
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BSA/AML and Fraud Prevention Solutions
Connected solutions for your BSA/AML Program
Better Detect Financial Crime
Fighting financial crime is a never-ending task and you may not have all the resources you need to do that job to the best of your ability. Find out how BAM+ can be customized to your unique risk profile or how our advisory team can assist with dedicated experts to support your BSA/AML needs.
See it todayThe cannabis industry has grown rapidly in recent years, and demand is expected to continue increasing following cannabis legalization initiatives. According to an updated report following the 2020 election by New Frontier Data, the cannabis market is projected to double to $41.5B by 2025. Although cannabis is now legal – either medically or recreationally – in the majority of states today, it remains illegal on a federal level, hamstringing cannabis-related businesses (CRBs) from accessing traditional financial accounts. As this industry continues its rapid expansion, it is increasingly important that it has access to traditional banking services. While there is certainly demand for these services, credit unions are, understandably, skeptical. How do you bank cannabis-related businesses and navigate compliance?
While providing financial services to CRBs can be risky, it can also be highly rewarding, especially for credit unions. As more states continue legalizing cannabis, the onus is on credit unions
to complete thorough due diligence and know the members that cross state lines for services.
Download this whitepaper to learn:
- Nuances of the cannabis industry and ongoing regulatory changes
- Opportunities for credit unions banking CRBs
- Necessary steps to remain compliant if a credit union decides that it wants to engage relationships with CRBs
Interested in learning more about proactive measures your credit union can take to reduce risk, protect your members, and manage priorities? Watch our webinar on demand Credit unions – monitoring, managing and reporting risk.
Establish a Risk-Based Approach to BSA AML Compliance
Maintaining your BSA AML compliance program is time-consuming. This guidebook gives you key focuses for your BSA AML compliance training.
Contents of this guidebook include:
- Hot topics institutions should expect during their next exam
- Best practices for reviewing your risk assessment
- Common exam findings related to SARs, CDD, and OFAC
- Key things regulators want to see in your BSA program
A comprehensive guide to building a sound BSA Program.
Your BSA Compliance Training Guidebook
BSA program management is not “one size fits all” and BSA compliance must be right-sized to fit each institution and its evolving risk.
Use this guidebook to learn how to :
- Establish a culture of compliance at your institution
- Focus your BSA/AML resources on risk
- Ensure BSA program sustainability
- Have the tools you need to succeed
- Keep an eye on future threats and their potential impact
BAM+ fits every size.
You just tailor it to match your institution and your risk.
Jennifer Gardner, Marquette Bank
Abrigo BSA/AML Software
Automation to drive successful BSA/AML programs
Software Tailored To Fit Your Risks
Financial institutions need an effective BSA/AML program to meet Bank Secrecy Act regulatory expectations. BAM+ is an easy to use AML software that is proven to help banks and credit unions fight financial crimes within their unique risk profile.
See it today
