The Bank Secrecy Act (BSA) fights terrorism and financial crime by requiring banks to identify customers and record and report the types of transactions those customers are making. Often, compliance with the BSA will be the responsibility of the bank's frontline staff. Frontline staff open accounts, accept deposits, and facilitate fund transfers. The frontline staff need to know how the BSA impacts those functions.
This module will provide frontline staff with the information they need to know about the Bank Secrecy Act (BSA). We will discuss Suspicious Activity Reports, Currency Transaction Reports, the purchase and sale of monetary instruments, fund transfers and other recordkeeping requirements, and Customer Identification Programs.
This course has an examination.
- Identify when you should complete a report as required by the BSA, such as a Suspicious Activity Report or a Currency Transaction Report.
- Explain and comply with the recordkeeping requirements of the BSA.
- Properly follow the required procedures for gathering customer identification.
- Suspicious Activity Reporting
o Identifying Suspicious Activity
o Reporting Suspicious Activity
o Filing Procedures
o Record Retention
- Currency Transaction Reporting
o Multiple Transactions
o Additional CTR Requirements
o Structured Transactions
- Monetary Instrument Purchase Reporting
o Account Holders
o Non-Account Holders
o Contemporaneous Purchases
- Additional Recordkeeping Requirements
o Fund transfer recordkeeping
o Fund transmittal recordkeeping
o Extension of credit recordkeeping
o Policies, Procedures and Processes
o Bank Responsibilties
- Customer Identification Programs
o Identity Verification
o Verification Methods
o Government Lists
o Customer Notice