Alston & Bird has kicked off a series of webinars and teleseminars for the first and second quarters of this year that will explore in-depth the legislative and regulatory actions that will force operational changes in the banking industry. The program featureed Washington DC attorneys Dwight Smith, Tom Crocker and Christina LaVera, along with New York attorney Lloyd Winans, who presented, "Recent BSA/AML Regulatory Guidance."
The Bank Secrecy Act (BSA) and anti-money laundering (AML) laws remain an important priority of U.S. bank regulators. To that end, on April 29, 2010, the Federal Financial Institutions Examination Council (FFIEC) issued a revised version of the BSA Exam Manual. The revised manual includes a number of significant changes that will impact various compliance procedures for financial institutions. This teleseminar addressed the following topics.
- BSA/AML Compliance Program Structures: The exam manual’s concept of "enterprise-wide" BSA/AML compliance programs has been substantially modified to reflect the range of existing BSA/AML compliance programs, current supervisory expectations and regulators’ expectations regarding consolidated corporate compliance programs.
- Suspicious Activity Reporting: The manual includes new insight regarding regulators' expectations with respect to identifying, researching and reporting suspicious activity.
- New and Enhanced Areas: The manual includes a new section on bulk currency shipments, a revised section providing a more in-depth discussion of prepaid cards, as well as additional areas of development.
- Other Recent Actions: The agencies recently published guidance regarding beneficial ownership and final rules regarding mutual funds.
June 9, 2010
1:00pm - 2:00pm EDT