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AML/BSA Basics and Compliance

Monthly on selected Wednesdays at 1:00 p.m. Central Time in two CPE event

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.

The retail cost of the online 2 CPE internal auditor training event is $120 per attendee.

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

Program Level of Understanding: Basic
Prerequisites: None
Advance Preparation: None
Delivery Format: Group Internet Based
NASBA Field(s) of Study: Business Ethics
CPE Credits: 2, based on 50 minutes of instruction per hour

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 Items 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