Description
Builds the customer identification and due diligence process for specific types of accounts believed to pose increased risks of money laundering and terrorist financing, and explains how the USA PATRIOT Act affects sharing of certain types of information between financial institutions and law enforcement officials.
Note: This is a high-level overview course intended for employees that do not necessarily need a deep dive into the requirements of the USA PATRIOT Act. Many of the lessons included in this course are covered in more depth in other BSA courses such as BSA/AML: CIP Basics, BSA/AML: CIP Advanced, BSA/AML Recordkeeping, and BSA/AML: Risk Assessment and Customer Due Diligence.
What You’ll Learn
After completing this course, students will be able to:
- Describe the USA PATRIOT Act’s purpose and the penalties for noncompliance
- Describe actions to take if you suspect that an account may fall within a high-risk category
- Identify customer due diligence (CDD) requirements for foreign correspondence accounts
- Identify CDD requirements for private banking accounts
- Describe the USA PATRIOT Act’s information-sharing requirements in Sections 314(a) and 314(b)
