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Anti-Money Laundering Requirements Under the Bank Secrecy Act

OnDemand Webinar (86 minutes)

Learn the latest and most important legal and regulatory developments in the Bank Secrecy Act, anti-money laundering and OFAC compliance.Many professionals in the financial area find themselves tasked with meeting various aspects of anti-money laundering laws and regulations. These laws apply to a wide swath of businesses including car dealerships, banks, credit unions money services businesses and financial technology companies (fintechs). For many companies, questions outnumber solutions. What should our anti-money laundering program include? How can we avoid problems without regulators? This topic is designed to address the basic design of the anti-money laundering regulations and the proper framework for meeting regulatory requirements. The material will help you understand the components of a BSA compliance program and what it should be designed to achieve and is critical for the design and implementation of an anti-money laundering program that is effective and compliant.


James DeFrantz, CRCM, CAMS, J.D., Virtual Compliance Management



• Why We Have BSA Laws and Regulations; Money Laundering Has Been a Part of Our World Since the Beginning of Society

• Brief Description of the Significant BSA Law Changes Over the Past 30 Years - a Discussion of the Focus of the Significant BSA Regulations

Why Is a Money Laundering a Problem?

• Why Do We Care About This Topic - Recent Examples of How Money Laundering Impacts Our Daily Lives, Laundered Money Has Been Used to Do Everything From Funding Terrorism to Child Trafficking

• Today Money Laundering Is Used to Fuel Several Illicit Industries

The Basic Money Laundering Transaction

• Stages of Money Laundering

• Placement - Introducing Dirty Money Into the Financial System

• Layering - Attempts to Separate the Source of the Money From Its Owner

• Integration - Returning the Money to the Owner in a New and Clean Form

• What to Look for to Determine Each of These

Basic BSA Regulatory Requirements

• The Five Pillars - the Basic Requirements of a Complete BSA Compliance System

• Risk Assessments - the Basic Document to Use to Set up the BSA Program

• CIP - the System for Identifying Who Your Customers Are and What to Expected From Them

• KYC - the True Heart of an Effective Anti-Money Laundering Program, Knowing Who Your Customer Is and More

• EDD - Some Customers Require More Monitoring Than Others, These Are High-Risk Customers

• SARS - When Activity Being Conducted by Your Customer Is Unexplained, Time to File a SAR

Bringing It All Together

• MSB's

• MRB's

• Regulators