Anti-Money Laundering & Bank Secrecy Act Compliance

To order a printed manual, please click here.
To order an electronic manual, please click here.
Or you may click here to download an order form.

Printed Item No: M-BSA
First Copy: $270 / Each Additional Copy: $240

Electronic Item No: EM-BSA
First Copy: $200 / Each Additional Copy: $170

©Copyrighted. Professional Bank Services, Inc. All rights reserved.
This publication or parts thereof may not be reproduced, shared or distributed in any form, stored in any retrieval system, or transmitted in any form by any means—electronic, mechanical, photocopy, recording, or otherwise—without prior written permission of the publisher. This electronic publication is intended for the individual purchaser’s use only and should not be shared or distributed by any means. 

This manual highlights the ever-increasing federal expectations for BSA. Customer/Member Due Diligence remains the focus in BSA compliance, with the major emphasis on Suspicious Activity Reporting. The voluminous changes coming out of AMLA 2020 and the Corporate Transparency Act will be detailed. The latest guidelines on the National Strategy on Countering Corruption, COVID-Fraud, Environmental Crime, Ransomware, Online Child Sexual Exploitation (OCSE), and Antiquities and Art are covered. Ongoing monitoring, and due diligence expectations for Hemp-Related / Marijuana-Related Enterprises (HRE/MRE), Money Services Businesses (MSB), Third-Party Payment Processors (TPPP), and other “High-Risk” Clients are highlighted. Institutional risk assessments, and the latest guidance on high-risk products and services, convertible virtual currencies (CVCs), cyber events and cyber-related crime, human trafficking and human smuggling, elder and vulnerable adult exploitation, and other fraud schemes are reviewed.

Suspicious activity reporting and the most recent guidance from Treasury on proper Suspicious Activity Report completion are discussed. The impacts to financial institutions from the currently being updated federal BSA examination procedures are identified. The regulations affecting financial institutions from the Office of Foreign Asset Control (OFAC) are highlighted and the Sanctions Compliance Program (SCP) framework is discussed. Suspicious transactions, terrorist financing, and other money laundering techniques are also reviewed.

Currency Transaction Reporting (CTR), Exemptions from CTR reporting, Customer/Member Identification (CIP) requirements, foreign correspondent banking and private banking account management, SAR reporting requirements for insurance affiliates, record retention requirements, and the evolution of BSA are documented in detail.

TOPICS

DOCUMENTATION COVERING

The Treasury Department 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 to the industry. Ongoing initiatives by the Financial Crimes Enforcement Network (FinCEN) and the continued expansions in the federal examination procedures reinforce the need to have a strong BSA program at your institution. This manual covers the major issues and opportunities in the ever-expanding environment of the Bank Secrecy Act.

Let us put our five decades of experience to work for you.

Contact Us

CorporateOffices

Toll Free 800.523.4778