1. BSA/AML Insights: Practical Guidance from FinCen and the Suspicious Activity Report (SAR) Database

BSA/AML Insights: Practical Guidance from FinCen and the Suspicious Activity Report (SAR) Database

Event ID: 2144372
Not for Sale
Duration: Scheduled for 90 minutes including question and answer period.
Presenter: Kenneth Agle, president, AdvisX
Credits: Live webinar approved for 1.5 NASBA credit hours (Management Services)

BSA/AML Insights: Practical Guidance from FinCen and the Suspicious Activity Report (SAR) Database

The stated mission of the Financial Crimes Enforcement Network or FinCEN is: “to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.” With a couple of minor tweaks it could be a great mission statement for any organization’s BSA/AML department. In fact, an organization can learn a great deal from studying FinCEN. After all, they have something in relative abundance to most financial institutions: resources. Certainly not unlimited resources, but most likely greater than the average BSA Department.

Consequently, it makes sense to take advantage of those resources. How is this achieved you might ask? One of the best combination perks for any BSA officer or individuals involved in BSA/AML is access to government information. It’s very extensive. In fact, it might be too extensive. Finding important gems in the vast mountain of information can be challenging. Yet, for those willing to pursue those nuggets, the rewards can be significant, but time intensive. Enter the webinar “BSA/AML Insights into FinCEN and The SAR.” This webinar is about delving into FinCEN’s website and using some insights gained over the years from information presented to give strong insights into the agency. For example, knowledge of the BSA Timeline shows the continued effort of FinCEN to combat the evolution of money laundering techniques that can give potential knowledge to where FinCEN is going and where an organization should consider in future versions of its own program. Take a few minutes to review the “Important Information for Depositary Institutions” and you’ll quickly see examples of BSA/AML failure and how lessons can be learned from those failures.

There is so much to be learned from spending time on the site and this webinar is about exploring the main columns of info as well as interesting nooks and crannies. But, perhaps the most beneficial gain of the site is exploring SAR data. Since 2013, financial institutions have been forced to make their key reports electronically. While this method had some negative impact at the onset, five plus years later the positive impact is clearly accessible. For one, data-mining has never been a more important feature. For example, an depository institution operating in Texas can analyze key trends in SARs that can give powerful insights into where risk factors are rising and how elements are changing. The capacity and availability of an organization to use data from FinCEN in this critical area has never been greater, but few organizations are taking full advantage of that data.

This webinar is about arming an organization with key insights into FinCEN and then how an organization might use knowledge from that base as part of its data-mining effort. By learning a few basic techniques, BSA officers can become knowledge miners and use that knowledge to enhance their program efforts. This information can flow into the organization’s risk assessment and overall BSA/AML strategies, a key component that every regulatory agency is looking for.

Please join Ken Agle, president, AdvisX, as he guides you through the labyrinth of FinCEN and key elements of importance as well as the value and methods of using the SAR database and how that information might be a winning element for your next BSA/AML Risk Assessment.


Join this webinar to learn:

  • The Role of FinCEN and how it should largely mirror or organization’s BSA/AML purpose.
  • Key elements of the FinCEN site and how those elements teach valuable lessons.
  • Using the SAR database and how it can be tailored for your organization’s enhanced data mining.
  • How SARs change and how your organization should ensure that trends are accounted and monitored.
  • Why BSA/AML Risk Assessments should include data mining to promote strategic direction of your organization’s BSA/AML Program.

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