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Basics of The Bank Secrecy Act

Duration : 90 Minutes

Donna K. Olheiser,

Donna K Olheiser, AAP, is the vice president of Education Services and founder of Dynamic Mastership, LLC. She is an enthusiastic and energetic Certified Master Trainer with over 14 years’ training experience. She has designed and facilitated over 100 training sessions each year with her exp Read more

The "Bank Secrecy Act" or "BSA" requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering.

This session will outline the Basics of BSA, what it means to financial institutions and how to apply the processes behind BSA to ensure compliance. Included are details of the The Five Requirements of the Bank Secrecy Act (1) Establish BSA Compliance Program (2) Effective Due Diligence and Monitoring (3) Screening (OFAC) (4) Effective Suspicious Activity Monitoring and Reporting Process (5) Develop Risk Based AML Programs.

Why Should You Attend:

Discussion will include details on how the act requires financial institutions to keep records of cash purchases of negotiable instruments and file reports of cash transactions exceeding $10,000 (daily aggregate amount), including reporting suspicious activity that might signify money laundering, tax evasion, or other criminal activities. Details will reference what it means to you with regards to The Bank Secrecy Act being sometimes referred to as an anti-money laundering law (AML) or jointly as BSA/AML and how provisions within Title III of the USA Patriot Act of 2001 regarding AML have been enacted to amend the Bank Secrecy Act.

Course Outline:

• Due Diligence Process for Customers

• Customer Identification Program (CIP)

• Transaction Reporting

• Suspicious Activity Reporting (SAR)

• Information Sharing

• Screening Details (OFAC)

• Training, Testing and Record Retention

• PLUS – Related News and Issuance from the OCC (Office of the Comptroller of the Currency) -- Bulletins issued in 2021

What You Get:

• Training Materials

• Live Q&A Session with our Expert

• Participation Certificate

• Access to Signup Community (Optional)

• Reward Points

Who Will Benefit:

• Bank operations staff

• Risk, Compliance and Audit personnel

• Bank managers and payment professionals

• CEO’s and CFO’s

Please reach us at 1-888-844-8963 for any further assistance or if you wish to register

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Subject : Basics of The Bank Secrecy Act

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