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Key factors of understanding the March 22, 2020 Interagency Statement on Loan Modifications for businesses impacted by the Coronavirus and other regulatory guidance will be included in this webinar. These impacts include:
- Working with borrowers – what are some possible accommodations that can be done but STILL comply with the BSA requirements to “know the true identity” of beneficial owners?
- Special BSA requirements when making PPP (Paycheck Protection Program) SBA loans for commercial borrowers
- Action steps and best options for detecting potential fraud as businesses and lenders work remotely
BSA examiners are digging deeper and have begun to ask more questions about the lending function during exams. Could a BSA examiner find loan fraud that had not been detected by your institution’s due diligence process? Is there a system for identifying false statements and attempts at identity theft on loan applications? Will lenders know that these activities may require filing a SAR (suspicious activity report)? Is the process for documenting Beneficial Ownership effective? This program will address five important reasons that BSA training must be provided for lenders.
Upon completion of this two-hour recording you will understand:
- What are five reasons to conduct BSA training for Lenders?
- What are the three stages of money laundering and can this happen in the lending area?
- What are some of the BSA “red flags” and risk factors in lending?
- What types of due diligence questions should you ask a loan applicant for BSA compliance?
- Steps for BSA due diligence throughout the life of the loan
- What are the six types of lending-related reasons of attempted or actual suspicious activity that must be reported on SAR’s? What are some examples that have resulted in prosecution?
- Steps for effective CIP loan compliance. Important review of beneficial ownership rule that became the 5th pillar for BSA.
- Examples of Loan Fraud and suggestions for preventing identity theft.
This informative recording is designed for Loan Officers, Loan Operations, BSA Officers, BSA staff, Branch personnel, Risk Managers, Compliance Officers, and Audit.