Annual BSA/AML/OFAC Training

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The USA PATRIOT Act, Section 352, describes the requirements for a BSA/AML/OFAC Program. The Fourth Pillar of an effective program is the training of all staff with The Bank Secrecy Act (BSA) responsibilities. As BSA Programs have evolved, financial institutions have determined that the best way to fulfill the requirement is to train all staff in the fundamentals of the Bank Secrecy Act and Anti-Money Laundering (AML), as well as the Office of Foreign Exchange (OFAC), so that the staff has the proper understanding to recognize and report suspicious activity to the BSA Officer. 

This course covers all important aspects of BSA/AML/OFAC to give attendees an understanding of the key elements of the Bank Secrecy Act and the increased monitoring required by the various sections of the USA Patriot Act.  

Learning Objectives:

  • The Bank Secrecy Act Basics
  • The BSA History and Legal Development
  • FinCEN, Egmont, FATF, and Wolfsberg
  • Office of Foreign Assets Control
  • The Practical Application of BSA for Financial Institutions
  • Basic Requirements of the BSA

Areas Covered:

  • Overview of BSA and Risk
  • Money Laundering Definition and Steps
  • 5 Pillars of BSA
  • Key Laws Associated with BSA
  • The USA Patriot Act and Regulatory Expectations
  • Focus on the “5th Pillar” of BSA
  • Global Anti-Money Laundering Bodies
  • Office of Foreign Assets Control Requirements and Penalties
  • Developing a BSA Program to Mitigate Institution Risks
  • Suspicious Activities
  • Board of Director Responsibilities
  • Regulatory Hot Topics 
    • AMLA 2020
    • Beneficial Ownership
    • Virtual Currencies
    • Online Banking
    • Cyber Security/Breaches
    • Marijuana
  • Penalties for BSA