Description
30min | Credits: 0.75, CCTS, CSOP, CTFA
Gain a foundational understanding of the Bank Secrecy Act (BSA) and the essential role it plays in helping protect the U.S. financial system from illicit finance. This course explains the three stages of money laundering and the essential elements of a bank’s risk-based compliance program. Learn about customer identification, transaction monitoring, reporting obligations, record retention, and the consequences of non-compliance.
Audience: All bank employees.
Objectives:
By the end of the course you will be able to:
- Describe the purpose of the BSA
- Describe the pillars of a bank’s BSA compliance program
- Explain information collection, recordkeeping, sharing, and reporting requirements
- Understand which transactions may be prohibited
- Explain the penalties for noncompliance
This course is part of the ABA Frontline Compliance program.