AML-BSA: Risks and Requirements for Privately Owned ATMs
Duration: 60 Minutes
Faculty: Dr. Gina J. Lowdermilk Level: Intermediate Course ID: 1091
Financial institutions are required to be compliant with BSA rules and regulations. Having a comprehensive and compliant BSA/AML program helps a financial institution to properly identify customers, who have privately owned ATMs and assess risk accordingly for them. Proper oversight and enhanced due diligence is needed to ensure ATM customers are not using the financial institutions as a conduit for financial crime. Failure to do so can result in not only monetary implications but regulatory and reputational as well.
This course will provide information to help individuals determine if the risk associated with Privately Owned ATMs is properly evaluated and considered.
Objectives of the Presentation:
- Identifying customers who privately owns ATMs
- Properly determining the risk associated
- Understanding the documentation for ATM customers
- Enhance due diligence for ATM customers
- ATM AML red flags
- Program oversight
Why should you Attend:
Financial institutions are required to be compliant with BSA rules and regulations. Such compliance needs to be well documented and consistent to ensure financial institutions are adequately identifying POATM customers and mitigating those risks. Financial institutions’ BSA POATM program must be included in the bank’s policies and procedures, comprehensive risk assessments, and monitoring programs.
This session highlights understanding and mitigating the risks of POATMs that are being acknowledged and recognized by regulators and examiners. In this webinar, we will discuss the areas that regulators and examiners are primarily focusing on in regards to POATMs. The areas of focus outlined in this webinar are based on best industry practices and supervisory experience.
Areas Covered in the Session:
- Understanding ATM customers
- Implementing BSA compliance practices on privately owned ATMs
- Assessing policies and procedures regarding POATMs
- Determining effectiveness and thoroughness of training programs
- Ensuring qualified employee oversight of daily BSA operations regarding POATMs
- Independent testing
Who Will Benefit:
- BSA Officers
- Internal Auditors
- BSA and AML department staff
- Deposit Operations
- Compliance Officer
- Opening Accounts Personnel