This Bank Secrecy Act – Frontline and Deposit Operations online training course explores how to help prevent financial crimes and terrorist activity.
The Bank Secrecy Act (BSA) is one of the main tools the Federal Government uses to combat financial crimes and terrorist activity. The BSA requires banks to assist in preventing crime by enacting sound policies and procedures regarding reporting, recordkeeping, and monitoring of potential criminal activity. Many of the requirements are initially detected and handled by the frontline and operations staff of the bank. It is important this staff understand what the rules are and how to handle each of the requirements under the law.
Course Learning Objectives:
On completion of this Bank Secrecy Act – Frontline and Deposit Operations course, the user will learn:
- State when a Currency Transaction Report should be filed
- Explain the meaning of the term “multiple transactions” as it relates to Currency Transaction Reports
- Define “exempt person”
- State the purpose of a Customer Identification Program
- List the information that must be collected and verified when a new account is opened
- State the four core elements of a customer due diligence program
- Understand the difference between the CIP and beneficial ownership requirements
- Know the rules for opening an account for a legal entity customer
- Ensure your bank has compliant written policies and procedures for customer due diligence monitoring
- Know the requirements for filing a Suspicious Activity Report (SAR)
- Understand the confidentiality included with a Suspicious Activity Report
- Learn how money laundering occurs and identify common transaction red flags that may lead to SAR filings
- Learn when documentation of a monetary instrument purchased in cash must be recorded and document certain information on funds transfers
- Know when and how to comply with OFAC regulations
- Differentiate between 314(a) and 314(b) requirements for information sharing
- Currency Transaction Reports
- Customer Identification Programs
- CDD and Beneficial Ownership
- Suspicious Activity Reports
- Recordkeeping, OFAC & Information Sharing
This Bank Secrecy Act – Frontline and Deposit Operations online training course was designed for frontline and operations employees.
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