Daniel P. Stipano discussed "BSA/AML - Covid impact and regulatory/guidance roundup" at an NAFCU webinar
This session discussed the latest in regulatory guidance and examiner expectations, and the impact of Covid on supervisory priorities in the BSA/AML area.
This has been a busy year in terms of regulatory changes and policy developments with respect to Bank Secrecy Act/Anti-Money Laundering compliance. Not since the aftermath of 9/11 have we seen this number of guidance documents, proposals, final rules, and legislative initiatives, and the prospect of sweeping change in the BSA regulatory regime appears on the horizon. Hardly a day goes by without some new issuance, and AML compliance officers are challenged to keep pace with these regulatory and legislative developments. Meanwhile, financial institutions continue to face heightened scrutiny with respect to their AML compliance programs, and enforcement activity continues unabated. To add further complication, all of this has played out amidst the Covid-19 pandemic, requiring institutions (and their regulators) to quickly adapt to remote work arrangements, relying like never before on technology to do their jobs effectively. The Covid-19 pandemic has created its own set of challenges in the BSA/AML space, and will continue to do so for the foreseeable future. Without question, this is one of the most difficult and challenging environments that financial institutions have ever faced.
This session discussed the latest regulatory guidance documents, supervisory expectations, proposed and final rules, and the legislative landscape for BSA/AML. It also discussed the impact of the Covid-19 pandemic on BSA/AML compliance and what to expect moving forward.