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BANK SECRECY ACT (BSA) / ANTI-MONEY LAUNDERING (AML) COMPLIANCE CORE TRAINING
 
     
  Summary Description  
  The workshop provides basic knowledge on various Bank Secrecy Act / Anti-money laundering regulatory topics, reporting requirements, and risk factors as well as guidance on account opening and monitoring policies and procedures, and detecting suspicious activities. It can be customized as an annual refresher to cover updates on proposed laws and rules and regulations as well as on the latest key AML issues and significant cases of non-compliance. It can also be used to promote the reinforcement of the institution’s policies and procedures.  
     
  Methodology  
  Presentations, case studies, group work and classroom discussion  
     
  Target Audience  
  All bank employees  
     
  Main Topics  
 
Money laundering vs. terrorist financing
Suspicious activities recognition
Key entities, laws and regulations identification
Office of Foreign Assets Control (OFAC) and its compliance requirements
Characteristics of Politically Exposed Persons (PEP) and a shell company
Key elements of the Know Your Customer (KIC) / Customer Identification
  program (CIP)
Importance of complying with BSA/AML rules and regulations, its penalties
  and benefits
  Compliance program elements
Due diligence vs. enhanced due diligence
Willful blindness definition and examples
Customer’s expected monthly activity
Key reporting and corresponding retention requirements
Current Transaction Report (CTR)
Report (SAR), Foreign Bank and Financial Account Reports (FBAR)
Currency and Monetary Instrument Report (CMIR)
Elements for customer risk rating – geographic locations, products and
  services, and customers and entities
 
       
 
  Duration  
  1 to 2 days  
     
   
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