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BANK SECRECY ACT (BSA) / ANTI-MONEY LAUNDERING (AML) COMPLIANCE FOR PRIVATE BANKERS
 
     
  Summary Description  
  This workshop provides a comprehensive knowledge of the underlying BSA/AML rules and regulations to which a financial institution must comply with as well as recent government reports that explain the risks associated with private banking accounts. In addition, it addresses the due diligence and enhanced due diligence requirements that must be implemented when opening and monitoring private banking accounts to i) mitigate money laundering and terrorist financing risks and ii) recognize suspicious activities.  
     
  Methodology  
  Presentations, case studies, role plays, group work and classroom discussion  
     
  Target Audience  
  Private Banking and compliance officers.  
     
  Main Topics  
 
Know your Customer (KYC) / Customer Identification Program (CIP)
  compliance requirements
Section 312 explanation for private banking relationships
Politically Exposed Person (PEP) and other types of high risk customers
Parties to be screened against Office of Foreign Assets Control (OFAC)
Elements for rating a customer's risk
  Source of wealth, source of funds, and purpose of a private banking account
Due diligence and enhanced due diligence requirements
Call plan and call report purpose and format; call report deficiencies
Customer's expected account activity
Account monitoring: current account activity versus expected activity
Suspicious activities
 
       
 
  Duration  
  2 days  
     
   
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