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BSA/AML COMPLIANCE FOR AUDITORS
 
     
  Summary Description  
  This course covers the key BSA/AML rules and regulations and the implementation requirements that define the necessary controls (policies, procedures, processes, systems, and controls) for a firm to mitigate the risks associated with money laundering and terrorist financing. The course focuses on account opening KYC/CIP processes and procedures; OFAC regulations and FinCEN 314(a) information request compliance; reporting, recordkeeping and retention requirements; monitoring and investigation processes; BSA/AML compliance program assessment; high-risk customer identification; and due diligence and enhanced due diligence requirements. BSA/AML seminars are delivered through class discussions as well as team exercises using short scenarios and case studies.  
     
  Target Audience  
  Auditors as well as Compliance personnel of U.S. and foreign firms with operations in the U.S.  
     
  Main Topics  
 
At the end of the course, participants will be able to:
Describe key concepts such as KYC, CIP, willful blindness, and enhanced due diligence
Recognize the weaknesses of internal control and compliance programs in institutions that have been penalized
Evaluate a Know Your Employee (KYE) Program
Analyze the implementation of the key reporting, recordkeeping, and retention requirements to comply with BSA/AML rules and regulations – CTR, SAR, CMIR, FBAR, Travel Rule
Assess the policies and procedures to comply fully with OFAC regulations – screening new accountholders and parties to a transaction as well as monitoring and updating the OFAC list
Evaluate the policies and procedures to fully comply with FinCEN 314(a) information request and Section 311
 
Describe the key elements of the Bank Secrecy Act Anti-Money Laundering Examination Manual
Apply the key points in Section 312 about due diligence in private banking, and describe the characteristics of politically exposed persons and other high-risk customers
Assess the firm’s money laundering risk based on its clients, geographic locations, and products and services
Determine if the BSA/AML Compliance program is commensurate with the firm’s risk assessment
Analyze the contents of a call report
Evaluate the key processes and corresponding controls for account opening and monitoring
Analyze the investigation process for suspicious activities
 
       
 
  Duration  
  2 – 4 Days  
     
   
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