Our online BSA/AML training session is designed to effectively educate your team on all relevant BSA/AML topics. The training is structured to help your team understand the applicable BSA/AML requirements and provide guidance on how to stay compliant.
The training is structured in the following format:
- What are money laundering and terrorism financing?
- description of the three stages of money laundering
- difference between money laundering and terrorism financing
- recognizing and reporting money laundering and terrorism financing
- Predicate offences and their relationship with money laundering and terrorism financing
- Regulatory framework and consequences of non-compliance
- A brief overview of relevant laws and regulations, including the USA PATRIOT Act, the Bank Secrecy Act and FINRA Rule 3310
- Updates on current developments and changes in regulations.
- Consequences of non-compliance
- What is an ML/TF Risk Assessment, and how do you perform an ML/TF Risk Assessment?
- risk categories
- risk factors
- inherent vs. residual risk
- practical examples
- Description of the structure and content of a BSA/AML Program
- ML/TF mitigation controls
- The role of the BSA/AML compliance function and the responsibilities of personnel.
- Customer due diligence (CDD) & practical examples
- Beneficial ownership requirements for legal entity customers
- PEPs and Sanctions checks
- Office of Foreign Assets Control (OFAC) compliance program
- Enhanced customer due diligence (ECDD) and ongoing customer due diligence (OCDD)
- Employee due diligence Transaction monitoring
- Record-keeping
- Reporting
- Suspicious Activity Report (SAR)
- SAR quality guidance
- Requirements for no-tipping off
- Currency Transaction Report (CTR)
- International Transportation of Currency or Monetary Instruments (CMIR)
- Employee training
- Internal and independent testing (audits)
