The Bank Secrecy Act is one of the main tools the Federal Government uses to combat financial crimes and terrorist activity. The BSS requires banks to assist in preventing crime by enacting sound policies and procedures regarding reporting, recordkeeping, and monitoring of potential criminal activity. Many of the requirements are initially detected and handled by the frontline and operations staff of the bank. It is important this staff understand what the rules are and how to handle each of the requirements under the law. This five-part course will provide frontline and operations staff with the knowledge they need to know regarding currency transaction reports, customer due diligence and beneficial ownership, customer identification requirements, OFAC, transaction recordkeeping, information sharing, and suspicious activity identification, reporting and monitoring.
Learning Objectives:
- State when a Currency Transaction Report should be filed
- Explain the meaning of the term “multiple transactions” as it relates to Currency Transaction Reports
- Define “exempt person”
- State the purpose of a Customer Identification Program
- List the information that must be collected and verified when a new account is opened
- State the four core elements of a customer due diligence program
- Understand the difference between the CIP and beneficial ownership requirements
- Know the rules for opening an account for a legal entity customer
- Ensure your bank has compliant written policies and procedures for customer due diligence monitoring
- Know the requirements for filing a Suspicious Activity Report (SAR)
- Understand the confidentiality included with a Suspicious Activity Report
- Learn how money laundering occurs
- Identify common transaction red flags that may lead to SAR filings
- Learn when documentation of a monetary instrument purchased in cash must be recorded
- Document certain information on funds transfers
- Know when and how to comply with OFAC regulations
- Differentiate between 314(a) and 314(b) requirements for information sharing
Course Outline:
- Currency Transaction Reports
- Customer Identification Programs
- CDD and Beneficial Ownership
- Suspicious Activity Reports
- Recordkeeping, OFAC & Information Sharing
Rev–Apr. 2021. Course length ≈ 90 minutes.
This course is worth 1.5 CPE credit.
