What You'll Learn
This webinar focuses on the importance of proactive risk assessments for financial institutions to comply with the Bank Secrecy Act (BSA), Anti-Money Laundering (AML) regulations, and Office of Foreign Assets Control (OFAC) requirements. The presentation emphasizes that these assessments are not one-time exercises but a continuous process to identify vulnerabilities and protect an institution's operations from illicit activities. It also discusses how to evaluate a financial institution's inherent and residual risks by analyzing its customer base, products, services, and geographic locations.
Learning Objectives
After attending this presentation, participants will be able to:
- Understand the fundamental role of risk assessments as a proactive measure in financial crime compliance.
- Identify the core elements that must be considered when conducting a BSA/AML/OFAC risk assessment.
- Distinguish between inherent risk and residual risk within the context of risk assessments.
*This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
About the Author:
Sharon Blanchette is a risk, compliance, and anti-financial crimes (AFC) subject matter expert who has enjoyed a long career working with banks, credit unions, fintechs, mortgage companies/servicers, and the vendors who support them.
Sharon's specialties include building and enhancing compliance and AFC programs, assisting institutions during mergers and acquisitions, serving as a temporary outsourced compliance or AFC officer, managing lookbacks, and breaking down complex regulations and requirements into effective training materials.
Sharon is a Certified Public Accountant, a Certified Internal Auditor, a Certified Anti-Money Laundering Specialist, and holds the Consumer Regulatory Compliance Manager certification. In early 2021 she obtained a crypto currency certification and a cannabis risk management certification. She serves on the Board of the Virginia Chapter of ACAMS. She enjoys publishing articles and speaking on industry topics.
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