Introduction to BSA / AML

Date Recorded: March 5, 2025
Presented by: Mark Dever, Director, Forvis Mazars, LLP

Enacted in 1970 and amended several times since, the Bank Secrecy Act (BSA) is designed to combat money laundering, the financing of terrorism, and other illicit finance activity risks. Under the BSA, financial institutions are required to keep records and file reports that, among other purposes are highly useful in criminal, tax, or regulatory investigations, risk assessments or proceedings, or in the conduct of intelligence or counterintelligence activities including analysis to protect against terrorism. New team members joining the AML/CFT (BSA) compliance team will at times arrive with little knowledge of the basic details of BSA compliance.

Here’s What You Will Learn:

• “Basic BSA” – the five (soon-to-be-six) tenets/pillars;
• Customer/Member Due Diligence requirements (CDD/MDD);
• Suspicious Activity Reporting and SAR;
• Highlight Currency Transaction Reporting (CTR) requirements;
• Discuss OFAC responsibilities;
• Monetary Instrument Sales and other Records; and
• Allow time for questions from participants.

Recent well-publicized BSA enforcement actions, fines, and deferred prosecution agreements continue to support a climate proving AML/CFT (BSA) compliance remains of paramount importance to all financial institutions. This two-hour webinar from ProBank Education Services will provide new members of the compliance and internal audit teams with an introduction to the basic requirements of BSA.