The Bank Secrecy Act (BSA) is one of the main tools the Federal Government uses to combat financial crimes and terrorist activity. The BSA requires banks to assist in preventing crime by enacting sound policies regarding reporting, recordkeeping, and monitoring of potentially criminal activity. BSA/AML requirements grant senior management and the Board of Directors primary responsibility for ensuring that the bank has a comprehensive and effective BSA/AML compliance program and oversight framework that is reasonable designed to ensure compliance. This course is intended for senior management and board of directors.

Learning Objectives:

•  Implement a BSA/AML program at your bank based on the five pillars of a BSA/AML program
• Know the basic technical requirements of the Bank Secrecy Act
• Understand the challenges banks may face if senior management and the board are not involved in creating a successful BSA/AML program
• Keep abreast of emerging trends in the BSA/AML world

Course Outline:

•  BSA/AML Program Requirements (5 Pillars)
• BSA Requirements Overview
• Customer Identification Program
• Customer Due Diligence & Enhanced Due Diligence
• Suspicious Activity Reports
• Currency Transaction Reporting
• Recordkeeping
• OFAC
• Information Sharing
• Common Findings/Challenges/Violations
• Hot Topics

Rev–Jan. 2025.  Course length ≈ 34 minutes.

This course is worth 0.5 CPE credit.