Anti-money laundering regulations (AML), including Know Your Customer (KYC) requirements, are hardly a new concept in the world of financial services. Over the years, financial institutions have largely mastered the mechanics of compliance. However, money laundering has become more sophisticated with the rise of innovative technologies. In parallel, anti – money laundering regulatory landscape continues to evolve and expand. This dynamic and complicated operating environment requires financial institutions to have their BSA/AML compliance program to be assessed and improved as well as to have their employees to be trained on an on going basis in order to avoid being targets of money laundering, terrorist financing and in order to comply with BSA/AML regulations.
This 2-day program covers in detail the broad range of topics included in the realm of the Bank Secrecy Act.
Key course highlights:
- Overview of Regulatory and Statutory Components of BSA
- Establishing the Appropriate Culture of Compliance
- Establishing a Risk – Based Compliance Program, including Program of Identifying and Classifying Your Clients
- Implementing the Beneficial Ownership and Customer Due Diligence Requirements
- Suspicious Activity Reporting – the Form and the Process
- Identifying High-Risk Customers/Members;
- Surviving the Inter-Agency BSA Examination
- Completing the Currency Transaction Report;
Target Audience
This program is designed for personnel who have management-level responsibilities for BSA compliance. Individuals with retail banking, risk management, compliance, audit, operational, corporate banking, and training responsibilities will benefit from this program.
Course Methodology
This course is fully interactive and participation is encouraged to achieve maximum benefit. Participants are invited to present their own cases and scenarios, where questions can be answered and doubts can be resolved. There will also be team activities, real comprehensive case studies and practical examples for discussion.