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.


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