Pre-Conference Workshop

Steve Gibbs

BSA, OFAC & the Usual Important Stuff
Steve Gibbs, Credit Union Resources, Inc.

The Bank Secrecy Act (BSA), Anti-Money Laundering (AML) rules and Office of Foreign Assets Control (OFAC) requirements continue to be important factors in examinations and credit union operations.  Insightful BSA/AML/OFAC policies and procedures can keep your program on the right track and limit and protected from regulatory sanctions and extensive penalties. Credit union officers and compliance staff will find this workshop helpful and beneficial in structuring and maintaining an effective BSA/AML/OFAC program. Join us as we discuss issues, problems and resources for:

  1. BSA/USA PATRIOT Act/OFAC
    • Currency Transaction Reports (CTR’s) and Suspicious Activity Reports (SAR’s)
    • Frequent Violations – What can we learn from others’ mistakes?
    • Information Sharing – What do I do when asked to turn over files/information?
    • USA PATRIOT Act – What does it add to BSA?
    • OFAC – What is it and how to respond to “hits”
  2. Customer Identification Procedures (CIP) and Due Diligence
    • CIP
    • Customer/Member/Member Business Account Due Diligence
    • Monitoring and Follow-up
  3. Risk Profile:
    • Assessing various areas of risk
    • Risk Rating
    • Risk Mitigation
  4. Office of Foreign Assets Control:
    • What is OFAC?
    • Have recent changes in the world affected OFAC lists?
    • OFAC Procedures

Steve focuses on:             

  • Development of a BSA/AML/OFAC Program;
  • Customer/Member/Member Business Due Diligence - Process;
  • BSA/AML/OFAC impact on other policies and operations;
  • Assessing risk as well as mitigating factors.

About Steve Gibbs

Steve Gibbs manages Shared Compliance Resources (SCR), a program he developed and began over 8 years ago to provide compliance consulting and support to credit unions in the form of a “time share” format.  SCR is a division of Credit Union Resources, Inc and the Cornerstone Credit Union League.  His career of over 30 years in the financial industry includes service with the Federal Reserve Bank of Dallas, the Federal Home Loan Bank of Dallas (Office of Thrift Supervision - “OTS”), and the Federal Deposit Insurance Corporation (FDIC), where he achieved professional designations and awards. Steve holds CUNA’s Credit Union Compliance Expert (CUCE) and Bank Secrecy Act Compliance Specialist (BSACS) certifications.  Prior to SCR, his positions at Cornerstone included Director of the Southwest CUNA Management School, Director of Information Central, and Lobbyist/Legislative Analyst.  He has presented to/performed training for financial industry groups including SWACHA, the Texas Credit Union Department, EPN/The Clearinghouse, and the National Association of State Credit Union Supervisors (NASCUS), as well as leagues/associations in Louisiana, Kentucky, the Dakotas, Kansas, Nebraska, California, Mississippi, and Tennessee. In addition to speaking, Steve writes articles for numerous regional and national industry publications.

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