NU 2026 Conference Test: BSA/AML: Key Updates & Compliance Readiness

Friday, June 19, 2026

BSA/AML: Key Updates & Compliance Readiness
Noory Song, CRCM, Director, BakerTilly

This session provides an overview of BSA/AML, AML/CFT, and OFAC sanctions compliance expectations for financial institutions, with a focus on regulatory requirements, emerging risks, enforcement trends, and program readiness. Participants will learn how effective AML and sanctions programs support suspicious activity detection, risk-based oversight, regulatory compliance, and strong governance from management and the board.

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Question 1: *

The Bank Secrecy Act requires financial institutions to maintain a risk-based AML program and report certain suspicious activity.

Question 2: *

Money laundering generally involves three stages: placement, layering, and integration.

Question 3: *

OFAC sanctions compliance only applies to foreign banks and does not apply to U.S. financial institutions.

Question 4: *

An effective AML/CFT program should include internal controls, independent testing, a designated compliance officer, training, and customer due diligence.

Question 5: *

Regulators are increasingly focused on whether AML/CFT programs are effective in practice, not just well documented on paper.

Question 6: *

Board members have no responsibility for BSA/AML compliance because day-to-day program activities are handled by management.

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