The 2019 Bank Secrecy Act Reporting Priorities: What to Expect
The Bank Secrecy Act (BSA) requires financial institutions to implement Anti-Money Laundering (AML) Programs that include filing reports and keeping records involving currency dealings and client relationships. For the past years, BSA regulatory expectations have heightened.
The trend is expected to continue in 2019 as the U.S. government increases its AML supervision and enforcement efforts. This leaves a call for financial institutions’ executives to consistently assess BSA reporting priorities and address BSA/AML Program compliance challenges to ensure a better position in 2019.
Our panel of key thought leaders and practitioners will offer a discussion of the fundamentals as well as updates regarding the latest and significant issues surrounding BSA Reporting Priorities. Speakers will also offer best practices in overcoming potential compliance challenges and in developing and implementing an effective BSA/AML Program.
Key topics include:
- The Bank Secrecy Act: An Overview
- Recent Trends and Developments
- BSA Reporting Priorities in 2019
- Common Risks and Pitfalls
- Best Practices
Claiborne (Clay) W. Porter, Managing Director
- Core principles of an effective compliance program including what regulators and prosecutors expect to see in compliance programs.
- The “convergence” of compliance programs given new settlements that link corruption with money laundering.
- Practical tips on what to include in SARs and detecting corruption proceeds in financial transactions.
Eric A. Bensky, Shareholder
Murphy & McGonigle
- Broker-Dealers’ Suspicious Activity Monitoring and Reporting
- The Broker-Dealer SAR Rule
- Regulatory Enforcement: Programmatic Issues vs. Objective Suspiciousness
- Types of Transactions Drawing Regulators’ Scrutiny
- The Perils of Unintentional Surveillance and Escalation Gaps
- Judicial Guidance on What to Include in SARs
Who Should Attend:
- AML/BSA Officers
- Business leaders
- Chief Compliance Officers
- Chief Risk Officers
- Chief AML Officers
- BSA Team Members
Claiborne (Clay) W. Porter is Head of Investigations and a Managing Director in the Global Investigations & Compliance practice at Navigant. Through his supervisory roles and as a Trial Attorney in the United States Department of Justice's Money Laundering and Asset Recovery Section ("MLARS"), Clay gained extensive experience managing complex, international and domestic financial investigations in matters relating to money laundering, the Bank Secrecy Act ("BSA") / AML laws and regulations, U.S. economic sanctions, and anti-corruption and anti-bribery laws.
Claiborne (Clay) W. Porter is Head of Investigations and a Managing Director in the Global Investigations & Compliance practice at …
Eric A. Bensky focuses on securities litigation and enforcement, with an emphasis on representing prime brokers, clearing firms, and other broker-dealers in court, arbitration, and regulatory investigations and disciplinary proceedings. Over the past several years, he has represented broker-dealers and their personnel in regulatory examinations, investigations, and enforcement proceedings concerning anti-money laundering obligations, particularly with respect to the monitoring, investigation, and reporting of potentially suspicious activity. Non-broker-dealer clients have included a leading national and international bank, a major mutual fund complex, public companies and their officers and directors, individuals and entities suspected of or charged with insider trading, investment advisory firms, and hedge funds.
Eric A. Bensky focuses on securities litigation and enforcement, with an emphasis on representing prime brokers, clearing firms, and other …
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Method of Presentation:
General knowledge of banking and finance laws
NY Category of CLE Credit:
Areas of Professional Practice
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About Murphy & McGonigle
Murphy & McGonigle serves the regulatory, enforcement defense, litigation, and counseling needs of clients across the full spectrum of the financial services industry – from national and international securities markets and exchanges to national banks, broker-dealers, investment advisers, and hedge funds.
Many of the firm’s partners formerly served in senior positions at the Securities and Exchange Commission (SEC), the U.S. Department of Justice, FINRA, the Commodity Futures Trading Commission (CFTC), and the New York State Department of Financial Services, and several served in senior legal positions at major Wall Street financial institutions.
Murphy & McGonigle has been named a National Tier One law firm in Securities Litigation, Securities Regulation, and Corporate Law by a leading industry survey. The Firm operates in New York, Washington, DC, and Richmond, VA.