The Bank Secrecy Act (BSA) is one of the main tools the Federal Government uses to combat financial crimes. The BSA requires bank to assist in preventing crime by enacting sound policies and procedures regarding reporting, recordkeeping, and monitoring potential criminal activity. This course will provide you with the information you need to ensure your bank is in full compliance with the reporting and recordkeeping requirements of the BSA. This course in intended for BSA and compliance personnel. Course length ≈ 55 minutes.

Learning Objectives:

• Ensure Suspicious Activity Report policies at your bank are in compliance
• Discuss Currency Transaction Reports and understand when they must be filed
• Explain Monetary Instrument Purchase Reporting
• Explain Fund Transfer and Transmittal Recording
• Explain Extension of Credit Recording
• Describe the elements of an OFAC Compliance program
• Understand the rules for Reports of Foreign Financial Accounts
• Understand E-Filing

Course Outline:

• Suspicious Activity Reporting
• Filing Procedures
• Exceptions
• Record Retention
• Confidentiality
• Currency Transaction Reporting
  • Multiple Transactions
  • Exemptions
  • Additional CTR Requirements
• Purchase and Sale of Monetary Instruments
  • I.D Requirement
  • Recordkeeping
• Fund Transfer and Transmittal Recordkeeping
  Recordkeeping Ability to Retrieve Verification Exceptions Extensions of Credit
• OFAC Compliance
  • Penalties for Non-Compliance
  • Blocking
  • Prohibited Transactions
  • Blocking Procedures
  • Reporting Requirements
  • Reports
  • Accidental Processing
  • Recordkeeping
• Reports of Foreign Financial Accounts
  • Account Types
  • Financial Interest
  • Exceptions
  • Exemptions
  • Anti-Avoidance Rule
• E-Filing
  • Registration
  • FinCEN Next Steps

CPE: 1 Credit