Learn the key components of BSA software to help monitor any sort of suspicious activity within your financial institute.
BSA compliance officers at financial institutions, regardless of the size of the institution or the amount of resources dedicated to BSA, have a duty to detect and report suspicious activity. This duty requires that a large amount of transactions in formation should be reviewed and analyzed on a regular basis. Over the past few years, several software programs have been developed to assist BSA Officers with their monitoring requirements. Regulators have begun to note that although the software programs have been implemented in most financial institutions, the overall effectiveness of the software and its usage have gone untested. Starting in 2016, regulators began to ask financial institutions to perform model validations which is a test of the overall use and effectiveness of software for BSA monitoring. This material is designed to assist BSA Officer with the development of a scope and RFP for a model validation that will meet the standards set by regulatory agencies.
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Agenda
Overview
- Bsa/Aml as Part of Everyday Banking
- The Overall Point of a Bsa Program
The Components of a Bsa Program
- The Five Pillars
- How the Five Pillars Work Together
- How a Monitoring System Fits Into the Bsa Program
Models and Bsa Monitoring
- Models Are Used for Trends and Analysis of Customer Behavior (Peer Behavior)
- The Parameters Set in the Model Are a 'Keep' to Achieve Effec-Tiveness
Model Validation
- Not to Be Confused With Data Validation
- Model Validation Is the Overall Usage of the Information Obtained
Components of the Model Validation
- Governance
- False Alerts
- Adjusting Parameters
- Testing Effectiveness
Conclusions
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Why Lorman?
Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on August 31, 2018.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
James DeFrantz, CRCM, CAMS, J.D.
Virtual Compliance Management
- 30 years of experience in financial service regulatory compliance
- Worked with money service businesses in the United States and internationally, including consulting with money remitters, Fintech lenders and foreign exchange firms
- Specialist in compliance in consumer and real estate lending, BSA, CRA, fair lending, consumer operations, non-deposit investment products, note department operations, assessment of ALL, and credit approval process
- Served as a senior compliance examiner at the Federal Reserve Bank in San Francisco, as an analytical manager at the Office of Thrift Supervision, and as a commissioned national bank examiner at the Office of the Comptroller of the Currency (OCC)
- Certified Regulatory Compliance Management and Certified Anti- Money Laundering Specialist
- Certificate, Pacific Coast Banking School of Bank Management; J.D. degree, with a concentration in banking and finance, University of San Francisco; B.A. degree, Dartmouth College
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