Bank Secrecy Act and Anti-Money Laundering

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  1. Course Outline

  2. BSA/AML Why Should we Care!
  3. Definitions
  4. Customer Identification Program
  5. Failure to Comply with reporting requirements
  6. Penalties for Non-Compliance
  7. Current Initiatives and Take Aways on AML

Learning Objectives

  1. To understand the Bank Secrecy Act and why we should care
  2. To understand the Anti-money laundering rules and how they affect mortgage professionals
  3. To understand the purpose of the establishment of the Financial Sector Assessment Program
  4. To understand what violations of AML rules are
  5. To know under BSA/AML rules, a how “bank” is defined
  6. To know what an “established customer” is
  7. To know what monetary instruments include
  8. To understand the definition of “structuring,”
  9. To understand what the term “loan or finance company specifically includes
  10. To understand The Customer Identification Program (CIP)
  11. To understand the regulatory requirements for CIP
  12. To know how an “extension of credit” for CIP purposes is considered
  13. To understand the failure to comply with reporting requirements
  14. To understand Section 1010 and 1029 of Title 31 C.F.R. that requires mortgage lenders to establish AML programs
  15. To understand what reportable transactions are
  16. To understand BSA/AML penalties for non-compliance
  17. To know what FinCen is

Teaching Methods:

Power Points, Video PowerPoint Presentation and Quiz