BSA and AML Training is an essential tool in today’s Banking and Mortgage Industries. FannieMae & FDIC have regulations in place to ensure you and your staff are focused on maintaining an environment that would minimize your exposure and risk. But unfortunately it can get difficult to figure out how best to be compliant and know that your staff are well versed in how to spot any potential trouble spots. This is why we are offering comprehensive training that will remove the guess work from your procedures.
Our next round of training is starting soon. Contact us now to ensure you and your staff remain compliant.
According to the FDIC:
“The FDIC has prescribed in its regulations, Section 326, Subpart B – Procedures for Monitoring Bank Secrecy Act Compliance (12 CFR § 326.8) a requirement that depository institutions establish and maintain procedures reasonably designed to assure and monitor the compliance with the BSA and the implementing regulations 31 CFR Part 103. The FDIC monitors compliance with the BSA-related regulations by conducting on-site examinations of every FDIC-supervised depository institution.
BSA compliance is a safety and soundness issue due to the reputational, regulatory, legal, and financial risk exposure to a bank involved in money laundering schemes or willfully violating the BSA statute. Civil money penalties and regulatory enforcement actions may be imposed for noncompliance with money laundering regulations which can endanger the bank’s capital and earnings. Furthermore, banks may be criminally prosecuted for willful violations of money laundering statutes that could ultimately lead to termination of FDIC insurance.”
According to FannieMae:
“Pursuant to 31 C.F.R. Parts 1010 and either 1020 or 1029, as applicable, of the Financial Crimes Enforcement Network’s (FinCEN) Final Rule, lenders must be in compliance with all applicable provisions of the Bank Secrecy Act (BSA) and its implementing regulations and have internal policies, procedures, and controls to identify suspicious activities. In accordance with these rules, lenders must report instances of
- non-compliance, compliance failures, or sanctions related to the anti-money laundering requirements of the BSA to Fannie Mae Ethics (see E-1-03, List of Contacts); and
- suspicious activity related to loans sold to Fannie Mae or Fannie Mae’s business activities to Mortgage Fraud Reporting (see E-1-03, List of Contacts). Refer to A3-4-03, Preventing, Detecting, and Reporting Mortgage Fraud, for additional information.”