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AML/BSA Basics and Compliance




2 CPEs

About the Course

Being offered twice a quarter on Tuesdays at 1:00 p.m. to 3:00 p.m. Central Time.

Money laundering continues to be a major international concern with over $1.6 trillion being moved by criminals each year.

High levels of drug-related activity and violence have drawn additional attention to this area of financial institution compliance.

Terrorist activities need to be considered as well. Perpetrators have adapted to a banks' efforts so that banks cannot combat the money laundering with yesterday's methods.

Software is widely installed to identify specific patterns and "unusual" transactions. But the fraudsters know this and are constantly striving to create new patterns where their transactions are designed not to be flagged. Like in a game of chess, the advantage goes to the side that thinks the most moves ahead.

FinCEN has issued substantial new AML requirements focused on a major expansion of Know Your Customer into what is now Customer Due Diligence, CDD. The requirements go far beyond the basic knowledge of the Customer Legal Entity to the Beneficial Owner of that entity and its Controlling Persons. The requirements force the bank to focus beyond the initial customer acceptance step, requiring updating and ongoing monitoring against baseline "normal" activity for the customer type.

​The material in this valuable program is based on research and actual investigations. Mr. George spent over twenty years in Miami assisting retail banks. The instructor describes common laundering techniques and the bank policies and procedures that are needed to respond to these threats.

This timely, two hour CPE training event is designed for the internal auditor, compliance professional and others who wish to improve their AML and BSA tradecraft skills.

Each attendee will receive 2 CPE Hours (YB). A certificate of completion will be provided.

Learn everything needed to help prevent money laundering and provide basic compliance with the Bank Security Act.

Money laundering and terrorist financing are global challenges, and the prevention of these crimes is a core regulatory area for all banks.

In this event, the attendees will acquire relevant foundational knowledge about money laundering and anti-money laundering (AML) as well as terrorist financing and counter-terrorist financing (CTF).

In addition, the instructor will cover practical concepts to implement AML/BSA measures, including policies and procedures and suspicious activity reports (SAR).

CPE Event Highlights

The event covers why money laundering is one of the primary regulatory concerns for any financial institution. The event will cover:
The regulatory requirements that are in place,
The current state of Customer Due Diligence compliance requirements,
How to design internal controls and compliance processes,
Process to create to detect money laundering attempts,
Managing the Investigating of AML alerts,
Analyzing controls improvement options.

Learning Objectives

Attendees will understand the:
Definition of money laundering
History of money laundering
Red flags of structuring
Red flags of micro-structuring
Red flags of "cuckoo smurfing"
Affects allowing money laundering on the financial institution
Need to communicate with the BSA officer
Red Flags for Identity Theft

Key Issues on the Agenda

The major agenda items within this intense CPE training event are:
Requirements of the Bank Secrecy Act (and related areas of the USA PATRIOT Act)
Customer Due Diligence (CDD)
Know Your Customer (KYC) requirements
Currency Transaction Reports (CTRs) requirements
Suspicious Activity Reports (SARs) requirements
New Customer Due Diligence requirements
Steps specifically required by the regulations
Analytic engines
Current issues and problems
AML and Fraud overlaps
Adaptation by perpetrators
False Positive Problem
Major fraud categories

Your Instructor

Jim J. George

Over 30 years of experience as a consultant and advisor to major banks. He was an associate partner and principal at PriceWaterhouse-Coopers Consulting, IBM Consulting in Bank Risk and Compliance, and Andersen Consulting (now Accenture).

Jim J. George
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