AML/OFAC Risk Assessment: The Cornerstone of an Effective Compliance Shop

Instructor: Craig M Taggart
Product ID: 704276
Training Level: Intermediate
  • Duration: 90 Min

recorded version

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In this training program, attendees will learn to define AML/OFAC risk assessment and the importance of increased regulation of these assessments. The program will additionally focus on AML/OFAC risk assessment best practices.

"AML/OFAC Risk Assessment: The Cornerstone of an Effective Compliance Shop" - This course is approved by NASBA (National Association of State Boards of Accountancy). Attendees of Live Webinar are eligible for 1.5 CPE credit up on full completion of the course.

Why Should You Attend:

Risk assessments are the backbone of any well-built anti-money laundering and Office of Foreign Assets Control compliance program. An efficient and effective program cannot be developed without knowing where one's risks reside. Today, many businesses—both financial and non-financial institutions—are conducting these assessments to uncover risks, design strong compliance programs, and mitigate their exposure. There are many decisions that need to be made when you decide to conduct an AML/OFAC risk assessment.

This webinar will define AML/OFAC risk assessment while examining the best practices as well. It will also help assess the BSA/AML risk profile of a bank and evaluate the adequacy of the bank’s BSA/AML risk assessment process.

Learning Objectives:

  • Definition of an AML/OFAC risk assessment
  • The importance of increased regulation of these assessments
  • AML/OFAC risk assessment best practices
  • Assess the BSA/AML risk profile of the bank and evaluate the adequacy of the bank’s BSA/AML risk assessment process

Areas Covered in the Webinar:

  • Know what is on the OFAC list
  • Identify each department’s OFAC risk factors
  • Evaluate and rate each risk
  • Document and summarize
  • 10 risk-based OFAC monitoring and screening practices
  • Higher risk geographic locations in relation to BSA/AML
  • 5 specific risk categories of AML

Who Will Benefit:

  • Financial services professionals
  • Securities attorneys
  • Fraud professionals
  • Risk/compliance officers in the field of finance
  • Wall Street professionals
  • Governance/board members

Instructor Profile:

Craig Taggart has almost a decade of experience in the fields of mergers and acquisitions and business financing. Mr. Taggart works strategically with his clients to achieve the highest value for their business within the capital markets. His experience with BCC Capital Partners in the M&A industry has greatly contributed to his understanding of transaction structure, strategic placement of buyers, and the attainment of maximum market value for his clients. He has represented and sold many businesses in a number of different industries and has significant experience working with companies in: continuing education, transportation, software and professional services. Mr. Taggart is currently working in the clean energy sector that covers multiple initiatives within M&A and corporate development.

He is a certified merger and acquisition advisor, accredited valuation analyst as well as an active member of Alliance of Mergers and Acquisition, and The National Association of Certified Valuators and Analysts (NACVA). His knowledge and expertise also extends to systems such as: Software as a Service (SaaS), and ERP and CRM systems (Netsuite, Salesforce, Sage 100, 500, X3 ERP). Mr. Taggart has been a certified fraud examiner since 2011 and has previously worked at Deloitte with their quality risk management team.

He earned his MBA from the San Diego State University specializing in financial management. Mr. Taggart graduated from the California State University Northridge with a bachelor’s degree majoring in organizational psychology.

Topic Background:

Education is power. There are not many other industries, that this concept could not be truer. The banking industry is the most regulated, compliance, governance driven industry in the country. This is actually for good reason; this is also one of the most lucrative fields a person can pursue regarding their overall career path. Here in lies the key reasons, with more rules and regulations, comes more need for us all to be aware of specifically when it comes to anti money laundering and the Office of Foreign Assets Control. These two areas are by far the largest overall risk exposure the banking industry has across the world. With so much overall activity and banking transactions occurring the need for constant risk assessment and compliance has never been higher than the present. The same risk management principles that the bank uses in traditional operational areas should be applied to assessing and managing BSA/AML risk.

A well-developed risk assessment will assist in identifying the bank’s BSA/AML risk profile. Understanding the risk profile enables the bank to apply appropriate risk management processes to the BSA/AML compliance program to mitigate risk. This risk assessment process enables management to better identify and mitigate gaps in the bank’s controls. The risk assessment should provide a comprehensive analysis of the BSA/AML risks in a concise and organized presentation, and should be shared and communicated with all business lines across the bank, board of directors, management, and appropriate staff; as such, it is a sound practice that the risk assessment be reduced to writing.

There are many effective methods and formats used in completing a BSA/AML risk assessment; therefore, examiners should not advocate a particular method or format. Bank management should decide the appropriate method or format, based on the bank’s particular risk profile. Whatever format management chooses to use for its risk assessment, it should be easily understood by all appropriate parties.

We are registered with and adhere to the Statement on Standards for Continuing Professional Education programs of the National Registry of CPE Sponsors. Our registration number is 109066. Please check with the governing body of your license and state for specific CPE requirements. Grievances may be forwarded to the company at 650 620 3961. Grievances may also be forwarded to the National Registry of CPE Sponsors-NASBA, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417, 615-880-4200,, e-mail

Field of Study Minutes CPE
Regulatory Ethics 90 1.5
Total Duration - 90 Min Total Credits - 1.5

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