BSA Consent Order: Lessons Learned for Smaller Institutions (Webinar)
January 14, 2025
10am-11:30am
Member Fee (Live or Recording): $165 per connection
Non-Member Fee (Live or Recording): $265 per connection
On October 10, 2024, the following was in a consent order issued by FinCEN: TD Bank vastly underinvested in its AML compliance efforts, with TD Bank knowingly spending an order of magnitude less than its peers. Additionally, the Bank’s AML staffing was not proportionate to its size, risk profile, and ongoing compliance concerns: during the periods of TD Bank’s most acute issues (including those related to backlogs from insufficient staffing), AML spending remained flat. The systemic failures of TD Bank’s AML program caused actual and material harm to the U.S. financial system. Would you want this statement in a public consent order about your financial institution? During this program we will look at lessons learned for smaller institutions. This 99-page consent order and $1.3 Billion fine from FinCEN has some golden nuggets for those financial institutions trying to run a good program.
Topics include:
- How much should a financial institution spend on BSA/AML?
- What goes wrong when alerts backlog?
- What happens to product development?
- What happens to your financial institution’s expansion plans?
- What is the role of your Board of Directors?
- What is demarketing an account? Why should this be timely?
- What are inadequate cash handling procedures?
- Can you avoid screening transactions?
- How to monitor insiders
- What is effective monitoring? Zelle, P-2-P, ACH, Wires and more
- What should be done about high-risk jurisdictions?
BSA/AML Officers, Management, Board of Directors, Compliance, Training and Staff
Debbie Crawford is the President of gettechnical, Inc. a Florida-based firm, specializing in the education of banks and credit unions across the nation. Her 35+ years of banking and teaching experience began at Hibernia National Bank in New Orleans. She graduated from Louisiana State University with both her bachelor's and master’s degrees. Deborah's specialty is in the deposit side of the financial institution where she teaches seminars on regulations, documentation, insurance and Individual Retirement Accounts.
Leslie Nicely is a Senior Vice President for Gettechnical Inc. and brings with her a wealth of practical banking experience. Her 30+ years in banking include various positions with a local community bank including teller, teller supervisor, new accounts, lending, Branch Administration Officer, BSA/AML Officer and Security Officer and more. She graduated from the Virginia Bankers Association School of Bank Management. Her experience includes management, operations, lending compliance, fraud management, training, security and customer service. Her down-to-earth approach to training and her technical expertise makes her a real asset to our industry.