In this Back to Basics installment, we'll cover the requirements imposed upon your financial institution by the Currency and Foreign Transactions Reporting Act of 1970, also known as the Bank Secrecy Act.
The Bank Secrecy Act requires financial institutions to assist U.S. government agencies in the detection and prevention of money laundering and in preventing the financing of terrorist activities. Specifically, the Act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding a certain threshold, and report suspicious activity that might signify money laundering, tax evasion, or other criminal activity.
- Risk Assessments
- Customer Identification Program
- Customer Due Diligence
- Suspicious Activity Reporting
- Current Transaction Reports
- Monetary Instrument Logs
- Wire Transfers
- Information Sharing
- Office of Foreign Assets Control (OFAC)
- Testing, Training and Record Retention
Who Should Attend?
Tellers, new accounts representatives, deposit operations personnel as well as managers, compliance professionals, and auditors would all benefit from participating in this webinar.
Michael Christians - as principal of Michael Christians Consulting, LLC, Michael assists financial institutions and organizations across the country with ensuring their compliance programs conform to Federal laws and regulations. He provides counsel relative to current rules, assists with the strategic implementation of upcoming regulatory changes, and offers customized education and training services. Michael has more than two decades of experience in the financial services industry with a primary focus on consumer compliance. He obtained his Juris Doctorate from Drake University Law School. He is a member of the Iowa State Bar where he is licensed to practice law.
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