One of the major challenges for long range, high speed Free-Space Optical (FSO) communication is turbulence induced beam wander. Beam wander causes fluctuations in the received intensity as well as crosstalk in mode division multiplexed systems. Existing models for beam wander make use of probability distributions and long term averages and are not able to accurately model time-dependent intensity fluctuations such as deep fading, where the received intensity is too low to maintain reliable communication for an extended period of time. In this work we present an elegant new memory model which models the behaviour of beam wander induced intensity fluctuations with the unique capability to accurately simulate deep fading. This is invaluable for the development of optimised error correction coding and digital signal processing in order to improve the throughput and reliability of FSO systems.