AML/OFAC Risk Assessment – The Cornerstone of an Effective Compliance Shop

    /Craig  /Taggart MBAspeaker of Training Doyensinvite
    Speaker: Craig Taggart MBA

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    Duration: 90 Minutes
    Product Code: 51072
    Level: Intermediate

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This Bank Secrecy Act risk assessment training will highlight BSA best practices that are being acknowledged and recognized by regulators and examiners. We will also discuss AML risk categories and each risk assessment area.


Although financial institutions have been managing BSA operations per the regulation requirements, the change in focus to appropriate BSA/AML/OFAC risk assessment has been coming increasingly important. Regulators look to the bank for insurance and evidence that BSA operations are appropriately performing risk assessments. Appropriate risk assessments are essential in a bank’s strategic planning and development, understanding banking risk threshold as well as assisting in OFAC compliance.

This webinar highlights BSA/AML/OFAC risk assessments. The areas of focus outlined in this webinar are based on best industry practice, supervisory experience and cover the major components of an effective BSA risk assessment program that audit focuses on. The instructor will look at these areas and the specifics of each area as it pertains to BSA compliance.


•  Implementing BSA risk assessment
•  Assessing policies and procedures for risk assessments
•  Comprehensive risk assessment review for BSA / AML / OFAC
•  Review of risk assessment matrixes
•  Determining the effectiveness and thoroughness of risk assessments
•  Understanding OFAC risk factors and performing risk assessments


Key goals of this BSA risk assessment course are:
•  To review and evaluate policies and procedures for risk assessments
•  To help identify your organization's risks
•  To determine your organization's risk threshold based on the organization's strategic plans and business models
•  To discuss how to conduct a comprehensive review of your organization's BSA/AML/OFAC risk assessment, including
    1. Determining completeness of the risk assessments
    2. Determining the thoroughness of risk assessments
    3. Determining if current risk assessment matrixes are appropriate for your organization
•  To discuss how to establish risk assessments for your organization, specifically:
    1. BSA risk assessments
    2. AML risk assessments
    3. OFAC risk assessments
•  To illustrate how to perform the risk assessments
•  To highlight the need for periodically reviewing risk assessments to determine if they are still relevant, appropriate and adequate
•  To discuss implementing a BSA/AML/OFAC risk assessment program at your organization


•  BSA / AML Officers
•  Internal Auditors
•  Staff with roles and responsibilities in BSA / AML management and oversight
•  Money Service Business BSA/AML Officers


Years of Experience: 16+ years

Areas of Expertise: Mergers, Acquisitions and Business Financing

Craig Taggart has almost a decade of experience in the fields of mergers and acquisitions and business financing. Mr. Taggart works strategically with his clients to achieve the highest value for their business within the capital markets. His experience with BCC Capital Partners in the M&A industry has greatly contributed to his understanding of transaction structure, strategic placement of buyers, and the attainment of maximum market value for his clients. He has represented and sold many businesses in a number of different industries and has significant experience working with companies in: continuing education, transportation, software and professional services. Mr. Taggart is currently working in the clean energy sector that covers multiple initiatives within M&A and corporate development.

He is a certified merger and acquisition advisor, accredited valuation analyst as well as an active member of Alliance of Mergers and Acquisition, and The National Association of Certified Valuators and Analysts (NACVA). His knowledge and expertise also extends to systems such as: Software as a Service (SaaS), and ERP and CRM systems (Netsuite, Salesforce, Sage 100, 500, X3 ERP). Mr. Taggart has been a certified fraud examiner since 2011 and has previously worked at Deloitte with their quality risk management team.

He earned his MBA from the San Diego State University specializing in financial management. Mr. Taggart graduated from the California State University Northridge with a bachelor’s degree majoring in organizational psychology.

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