An overview of the background, purpose, coverage and enforcement of the Bank Secrecy Act (BSA), as updated by the new components required by the USA PATRIOT Act, along with other anti-money laundering considerations.
After completing this course, students will be able to:
• Explain the importance of a risk assessment program
• Describe the purpose and significance of the customer identification program
• Discuss your bank’s customer due diligence policies, procedures and processes
• Explain the requirements for suspicious activity reporting
• Identify currency transaction reporting requirements and the two categories of exemptions