Description
Understand the basic elements of the Bank Secrecy Act (BSA), originally the Currency and Foreign Transactions Act of 1970 but amended over time, and its associated compliance expectations. This course covers the three stages of money laundering and the requirements for a Bank Secrecy Act compliance program. It also describes the key parts of a BSA/AML policy, explains the importance of identifying customers, monitoring transactions, filing reports and retaining records, and outlines the possible penalties for non-compliance.
What You’ll Learn
After completing this course, students will be able to:
- Understand the three states of money laundering
- Learn BSA compliance requirements
- Identify the key parts of a BSA/AML policy
- Learn the importance of identifying customers, monitoring transactions, filing reports and retaining records
- Review non-compliance penalties
