AML/BSA Basics and Compliance
Money laundering continues to be a major national concern.
High levels of drug-related activity and violence have drawn additional attention to this area of financial institution compliance.
Terrorist activities need to be considered as well. Perpetrators have adapted to a banks' efforts so that banks cannot combat the money laundering with yesterday's methods.
Software is widely installed to identify specific patterns and "unusual" transactions. But the fraudsters know this and are constantly striving to create new patterns where their transactions are designed not to be flagged. Like in a game of chess, the advantage goes to the side that thinks the most moves ahead.
FinCEN has issued substantial new AML requirements focused on a major expansion of Know Your Customer into what is now Customer Due Diligence, CDD. The requirements go far beyond the basic knowledge of the Customer Legal Entity to the Beneficial Owner of that entity and its Controlling Persons. The requirements force the bank to focus beyond the initial customer acceptance step, requiring updating and ongoing monitoring against baseline "normal" activity for the customer type.
The material in this valuable program is based on research and actual investigations. Mr. George spent over twenty years in Miami assisting retail banks. The instructor describes common laundering techniques and the bank policies and procedures that are needed to respond to these threats.
This timely, two-hour CPE training event is designed for the internal auditor, compliance professional and others who wish to improve their AML and BSA tradecraft skills.
Each attendee will receive 2 CPE Hours (YB). A certificate of completion will be provided.