AML/BSA Boot Camp

By: Armen Khachadourian, President and Founder, Digital Payments LLC
Coming soon.. Please contact customer care for new schedule
“AML/BSA Boot Camp” – This course is approved by NASBA (National Association of State Boards of Accountancy). Seminar attendees are eligible for 16.5 CPE credits upon completion of this workshop.

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Course Description:

The BSA / AML / OFAC Compliance Officer is responsible for developing, implementing and administering all aspects of the Bank Secrecy Act Compliance Program, and for assuring that the bank is in compliance with the Bank Secrecy Act, USA Patriot Act, OFAC, and all other applicable laws.

Currency Transaction Reports and Bank Secrecy Act began in 1970. While the basic premise has remained the same, the amount of bureaus and regulations has reached staggering proportions. The BSA exam manual is now 442 pages. The Treasury Department has designated FinCEN, Financial Crimes Enforcement Network, to oversee the Bank Secrecy Act. Civil Monetary Penalties for non compliance from thousands to millions of dollars continue to make headlines. Willful disobedience can be blamed on the board of directors down to the compliance department.

The federal government requires all banks and credit unions to have a board designated Bank Secrecy Act Officer. FinCEN also requires the BSA Officer and team are well qualified and trained to carry out the duties of this important position. Employees at the financial institutions are required to have initial and ongoing training on money laundering and BSA. Many people choose to outsource employee training, but this course will teach the teachers how to teach. You will be recognized within the bank or credit union as the go to expert.

This interactive two day class prioritizes and focuses on the framework, education and tools needed to properly manage this department within a financial institution. Attendees will participate in case studies, discussions and real world scenarios that they can take back to their departments to implement regardless of their asset size.

Learning Objectives:

  • Learn how the four pillars of BSA need to be implemented with appropriate policies and procedures to effectively manage compliance within the laws.
  • Learn different agendas to train the board of directors, lenders, loan processors, customer service, tellers and other front line staff.
  • Learn about monitoring for and completing currency transaction reports.
  • Learn about monitoring for and completing suspicious activity reports.
  • Learn how to bank money service businesses that they and your bank will appreciate.
  • Learn how the roles of FinCEN, OFAC and the USA Patriot Act impact your institution.
  • Learn how to think like a crook so you develop that “gut feeling”.

Areas Covered in the Seminar:

  • 4 Pillars of BSA/AML Program
  • Board Training and Job Specific Training
  • Case Studies
  • Currency Transaction Reports
  • Suspicious Activity Reports
  • Money Service Businesses
  • FinCEN
  • OFAC
  • USA Patriot Act
  • Customer Identification Program
  • Customer Due Diligence
  • Enhanced Due Diligence

Who will Benefit:

  • Bank Compliance Officers and Assistants
  • Bank Secrecy Act Officers and Assistants
  • Bank Secrecy Act Analysts
  • Credit Union Compliance Officers
  • Internal Auditors
  • Staff with BSA/AML oversight responsibilities
  • Risk Managers

CPE-GRC

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, www.learningmarket.org, e-mail cpe@nasba.org.

Field of Study:

  • Auditing: 2.4 CPE Credits
  • Business Management & Organization: 4.8 CPE Credits
  • Regulatory Ethics: 9.3 CPE Credits
  • Total CPE credits earned in this workshop: 16.5 CPE Credits

Program Delivery Method: Group-Live
Program Level: Intermediate
Advance Preparation/Program Prerequisites: None

Course Outline

Day One (8:30 AM – 5:00 PM)
  • 8:30 – 9:00 AM: Registration
  • 9:00 AM: Session Start Time
  • 9:00 - Program outline. Why BSA? How did it get started? How to operate it?
  • 9:15 - How to take notes
    1. Items to study
    2. Need action plan to implement
    3. Need to update policy or procedure
  • 9:30 - 4 Pillars of BSA/AML Program
    1. System of internal controls to monitor compliance
      1. Currency Transaction Reports
      2. Monetary Instrument Logs
      3. Wire Transfers
      4. Paypal and other virtual or digital currency
    2. Independent testing
    3. Board designated BSA Officer/staff
    4. Training for staff - How to train your board and employees
  • 10:30 - Break
  • 10:45 - Board Training
  • 11:00 - Job Specific Training
  • 11:15 - Front Line Training
  • 11:45 - Morning wrap up. Case Study
  • 12:00 - Lunch
  • 1:00 - Currency Transactions
    1. Aggregating Large Currency Transactions
    2. The New “BSA – CTR”Electronic Form
    3. CTR Exemptions
    4. Monetary Instrument Logs
  • 2:00 CTR Case Studies
  • 2:15 Break
  • 2:30 Suspicious Transactions
    1. Detecting
    2. Investigating ( Including proper use of the 314b Voluntary Sharing to make your investigations more effective)
    3. Reporting – The New “BSA-SAR” Electronic Form
  • 3:30 - SARS by the numbers
  • 3:45 - Break
  • 4:00 - Money Service Businesses
  • 4:30 - Day 1 review. Case Study. How would you launder money?
  • 5:00 - Dismiss
Day Two (9:00 AM – 4:30 PM)
  • 9:00 - Day one review
  • 9:15 - The role of FinCEN
  • 9:30 - The role of OFAC
  • 9:45 - USA Patriot Act
  • 10:00 - 314A scans and other watch lists
  • 10:15 - Discuss current exams
  • 10:30 - Break
  • 10:45 - Risk Assessment
    1. Tailoring to the Financial Institution
    2. Risk Rating of Customers
  • 11:45 - Morning Wrap Up. Questions
  • 12:00 - Lunch
  • 1:00 - CIP (Customer Identification Program)
  • 1:30 - CDD (Customer Due Diligence)
  • 2:00 - EDD (Enhanced Due Diligence)
  • 2:30 - Break
  • 3:00 - BSA tools and software
  • 3:30 - BSA for Tellers: Detecting Suspicious Activities
  • 4:00 - Case Studies, Questions, Wrap up.
  • 4:30 - Dismiss

Meet Your Instructor

Armen Khachadourian
Armen Khachadourian
President and Founder, Digital Payments LLC

Armen Khachadourian is the founder and president of Digital Payments Inc, a consulting firm providing advisory services in the areas of merchant processing, ISO/MSP formation, merchant portfolio and acquiring acquisitions, prepaid and alternative payment products including decoupled debit. As a trusted partner with vision to understand his client’s future business he has helped design and evaluate several new products and services in today's changing marketplace, such as: development of connectivity products for payment cards; digitization of electronic benefit transfer and means tested programs; merchant card acceptance and capital funding solutions; cross border money transfer and bill payment services; BSA/AML best practices and guidelines; and, alternative payment products and services, prepaid and gift.

Mr. Khachadourian has also served in executive positions at several top ten financial institutions and helped them maximize growth and revenues in today’s challenging electronic payments marketplace. As a vice president of JPMorgan Chase’s Prepaid Product in Treasury Services, he was responsible for designing and launching prepaid cards in the EU market. As a senior vice president at Visa USA, he expanded card acceptance to new markets such as supermarkets, recurring payments, quick service restaurants and federal government agencies. His expertise in card products extends to issuance of credit, debit, prepaid and commercial cards.

Mr. Khachadourian earned a bachelor’s degree in mathematics and a master’s degree in computer science from the San Jose State University in California. He authored the “Basics of Data Communications” textbook and lectured at College of San Mateo, CA. He was awarded an honorary teaching credential by the State of California. Mr. Khachadourian is a member of the United States National Masters team; he has represented United States at four world championships. He is an accomplished marathon runner and tri-athlete, having completed in seven Ironman competitions.

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