The Bank Secrecy Act (BSA) is one of the main tools the Federal Government uses to combat financial crimes and terrorist activity. The BSA requires banks to assist in preventing crime by enacting sound policies regarding reporting, recordkeeping, and monitoring of potentially criminal activity. The BSA requires the Board of Directors to appoint a Bank Secrecy Officer. It is important that the Bank Secrecy Officer be well versed in the Bank Secrecy Act in order to implement a compliance BSA/AML program. This course will provide Bank Secrecy Officer and other BSA/compliance personnel with the training they need to effectively create and manage their banks program.
Learning Objectives:
- Implement an effective BSA/AML Compliance Program
- Identify when you should complete a report as required by the Bank Secrecy Act, such as Suspicious Activity Report or Currency Transaction Report
- Explain and comply with the recordkeeping requirements of the Bank Secrecy Act
- Properly follow the required procedures for gathering customer identification
- Monitor a customer’s account for suspicious activity
- Perform reviews on customers and transactions against various lists provided by government agencies
- Know the latest trends in the Bank Secrecy Act compliance arena
Course Outline:
- BSA/AML Compliance Program (5 pillars)
- Risk Assessment
- Currency Transaction Reports
- Monetary Instrument Recordkeeping
- Funds Transfer Recordkeeping
- Customer Identification Program
- Customer Due Diligence
- Suspicious Activity Reporting and Monitoring
- OFAC & 311 Special Measures
- Information Sharing (314(a) & 314(b)
- Hot Topics
Rev - Apr. 2021. Course length ≈ 80 minutes. This course is worth 1 CPE credit.
