A manual designed to encompass the broad range of topics included in the realm of the Bank Secrecy Act and Anti-Money Laundering.
Topics
- Anti-Money Laundering Act (AMLA 2020) Implementation
- Customer / Member Due Diligence – The Program and the Process
- Suspicious Activity Reporting (SAR) – (FinCEN Form 111) and reporting Suspicious Activity
- Establishing a Risk-Based Program of Identifying and Classifying Your Customers / Members
- Overview of Regulatory and Statutory Components of AML/CFT (BSA)
- Updated Examination Procedures
- Information Sharing (314 (a) & (b)) and Other Title III Programs
- Completing the Currency Transaction Report (FinCEN Form 112)
- Exempting Eligible Customers from the CTR Filing (Form 110)
- How OFAC Fits into the Process – the Sanctions Compliance Program (SCP)
This manual covers in detail the issues and opportunities in the ever-expanding environment of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) and reviews the entire realm of the BSA from “A” to “Z”. From decades old Currency Transaction Reporting (CTR) and various recordkeeping requirements, to institutional risk assessment, customer due diligence (CDD), beneficial ownership expectations/modifications, and suspicious activity reporting, students from the novice appointee to the tenured AML/CFT (BSA) professional will find the discussions and interactions to be of great value.
Recent Congressional focus and well-publicized BSA enforcement actions and fines continue to support a climate proving AML/CFT compliance remains of paramount importance to all financial institutions. Treasury continues to rely on financial institutions to serve as the “front-line gatekeepers” for law enforcement efforts to safeguard the U.S. financial system from the abuses of financial crimes, including money laundering and terrorist financing. The federal regulatory agencies continue to rely on financial institutions to take “every reasonable step” to identify, minimize, and manage any risks that illicit financial activity may pose to the individual institution and the industry. Ongoing initiatives by the Financial Crimes Enforcement Network (FinCEN), and continued expansions of the federal examination procedures, reinforce the need to have a strong AML/CFT (BSA) program at your institution.
This manual assists financial institutions in meeting the annual training requirements imposed by the BSA regulations and provides attendees with the opportunity to network with other professionals interested in AML/CFT (BSA) compliance.
Day One – Basics
- Latest on Anti-Money Laundering Act (AMLA) 2020 Compliance
- Corporate Transparency Act Implementation
- AML/CFT National Priorities Utilization (expected to be released)
- Modernization of the AML/CFT Regulatory Regime (expected to be released)
- Whistleblower Program Regulations (expected to be released)
- Statutory and Regulatory Requirements
- Enforcement Actions, MRIAs, and the “Lessons Learned”
- Acronym Review and Sources of Information
- Proposed Regulatory Changes – Status
- Currency Transaction Reporting – FinCEN Form 112
- Exemption “Opportunities” From CTR Reporting
- Recordkeeping Requirements
- Office of Foreign Assets Control (OFAC) – Sanctions Compliance Program (SCP) Framework
- Title III – Remaining pieces
- Registered Investment Advisor Requirements under BSA
Day Two – Advanced
- Customer / Member Due Diligence – The Program and The Process
- Beneficial Ownership Modifications (expected to be released)
- “High-Risk” Products, Services, and Geographies
- Institutional Risk Assessments
- Suspicious Transactions, Terrorist Financing, and other Money Laundering Techniques
- Suspicious Activity Reporting (SAR) – FinCEN Form 111
- Financially Motivated Sextortion, Chinese Money Laundering Networks, Convertible Virtual Currency (CVC) Kiosks for Scam Payments, Bulk Cash and Oil Smuggling, Deepfake Media Abuse, Elder Financial Exploitation, Counterfeit Passport Cards, Real-Estate Geographic Targeting Orders, “De-Risking”, Money Services Businesses, and Other High-Risk Clients and Entities.
- Federal BSA/AML Examination – Latest Updates
