ABA Certificate in BSA and AML Compliance
Financial institutions face increased risk from advanced money-laundering schemes and terrorist financing activities. It is critical that banks hire and train individuals who can establish and maintain an effective BSA/AML program. The ABA Certificate in BSA and AML Compliance will help financial crimes professionals improve their ability to detect and prevent suspicious and criminal activity by providing an overview of the types of criminal behavior commonly used against banks, and in-depth training on the applicable U.S. laws and regulations governing money-laundering.
The ABA Certificate in BSA and AML Compliance is an excellent refresher for experienced financial crimes professionals who wish to take the Certified Fraud and AML Professional (CAFP) exam, and may be required for those individuals with less than five years’ experience in the field.
You must complete the following courses:
- Introduction to BSA/AML: The stages of money laundering, how it differs from terrorist financing, the applicable laws, and the roles of the government agencies that work to combat it
- SARs and Information Sharing: An overview of policies, procedures, and processes in place for staff to identify, evaluate, monitor, and report as well as information sharing with law enforcement and agencies
- Currency and Correspondent Banking Accounts: An explanation of risk mitigation, including factors to consider, procedures for filing a CTR, and agreements between U.S. banks and foreign correspondent financial institutions
- Electronic Banking and Funds Transfer Activities: An overview of ACH payment systems and how their rules affect a bank’s money-laundering risk with regard to funds-transfer transactions, as well as third-party providers and the risks they represent
- Higher Risk Accounts and Activities: Covers the risk factors and risk mitigation methods associated with privately owned ATMs, brokered deposit accounts, non-deposit investment products, insurance products, private banking and lending activities – including trade-based money laundering
- BSA Requirements for Business Accounts: Explores enhanced due diligence to maintain CIP information on trust and asset management accounts and for banks that maintain account relationships with Money Service Businesses and other non-bank financial institutions
- BSA Requirements for Foreign Customers and Accounts: Covers the risk factors associated with foreign customers and accounts, and due diligence procedures to help mitigate these risks – including special measures, due diligence and requirements and prohibitions of the USA PATRIOT Act.
- Components of an AML Compliance Program: Categories and factors to consider when preparing for a risk assessment, including BSA/AML compliance, customer verification, CIP records retention and customer due diligence
- International Partners in AML: Explains the mission and role of the Financial Action Task Force (FATF) and its recommendations on various money laundering, terrorist financing issues and other threats to the international financial system
- Office of Foreign Assets Control (OFAC) for Compliance Professionals: A discussion of the economic sanctions programs under OFAC, how they affect banks and the steps banks must take to comply; includes the relationship between OFAC and BSA