ComplianceOnline

On-site BSA/AML/OFAC Examination

Instructor: John F Reynolds
Product ID: 704930
  • Duration: 60 Min
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Read Frequently Asked Questions

This webinar will explain the process and prominence of on-site BSA/AML/OFAC examination. The instructor will discuss significant strategies and aspects to remember when dealing with the examiners throughout the entire process that can lead to an improved examination experience for attendees.

Why Should You Attend:

The most effective way to manage BSA/AML/KYC/OFAC compliance risk is to have a robust compliance program in place at your institution. The needs will vary based on the size of institution, demographics, etc. However, that all BSA/AML/KYC/OFAC compliance programs will have to be reviewed by the examiners at regular intervals– from the federal regulatory bodies and/or state banking or finance department, or the home country regulators.

The regulatory agencies in the USA typically conduct safety and soundness examinations of banking institutions on an annual basis, though for smaller institutions that are in satisfactory or strong condition the examination cycle can be less frequent. The safety and soundness examination typically includes an examination of the BSA/AML/OFAC compliance program.

This webinar will discuss the different aspects of on-site BSA/AML/OFAC examination.

Areas Covered in the Webinar:

  • Advance notice
  • Entry Letter Questionnaire – or – the First Day Letter
  • Gathering and Delivery of Entry Letter Responses
  • Scoping of the examination
  • Examination activities, transaction testing, policies, procedures.
  • Prior Examination issues: Remediation, tracking, and validation
  • Examination findings
  • Preliminary close-out meetings
  • Formal close-out meeting – with management with board of directors
  • Delivery of the examination report
  • Responding to the examination report
  • Establishing tracking for remediation of examination issues

Who Will Benefit:

  • BSA/AML Officers
  • Compliance Officers
  • Chief Compliance Officers
  • Sanctions Officers
  • Regulatory Liaisons
  • AML Analysts
  • Risk Officers
  • Chief Risk Officers
  • Legal Departments
  • Risk Managers
  • CEO/Presidents
  • Banks
  • Broker-Dealers
  • Money Services Businesses
  • Other non-bank financial institutions
Instructor Profile:
John F Reynolds

John F Reynolds
Examining Officer, Financial Institution Supervision Group

John Reynolds is a former Bank regulator, having retired from the NY Fed as an examining officer in the financial institution supervision group. Mr. Reynolds started out his career as an assistant bank examiner in 1979 working up through the ranks and has been involved in all facets of bank examination work at international, large complex institutions, regional, and community institutions. From 2009 until his retirement in 2015, he played a leadership role in the NY Fed’s Compliance examination work, where he guided teams of examiners reviewing institutions’ compliance with AML-BSA and OFAC regulations and laws.

Mr. Reynolds holds a BS in accounting from Fordham University and an MBA in International Finance from New York University.

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