Bank Secrecy Act: Frontline and Deposit Operations
The Bank Secrecy Act (BSA) is one of the main tools the Federal Government uses to combat financial crimes and terrorist activity. This Bank Secrecy Act – Frontline and Deposit Operations online training course is a five-part course that provides information regarding currency transaction reports, customer due diligence and beneficial ownership, customer identification requirements, OFAC, transaction record keeping, information sharing, and suspicious activity identification, reporting, and monitoring.
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This Bank Secrecy Act – Frontline and Deposit Operations online training course explore how to help prevent financial crimes and terrorist activity.
The Bank Secrecy Act (BSA) is one of the main tools the Federal Government uses to combat financial crimes and terrorist activity. The BSA requires banks to assist in preventing crime by enacting sound policies and procedures regarding reporting, recordkeeping, and monitoring of potential criminal activity. Many of the requirements are initially detected and handled by the frontline and operations staff of the bank. It is important this staff understand what the rules are and how to handle each of the requirements under the law.
Course Learning Objectives By taking this online Bank Secrecy Act – Frontline and Deposit Operations course, the user will learn:
State when a Currency Transaction Report should be filed
Explain the meaning of the term “multiple transactions” as it relates to Currency Transaction Reports
Define “exempt person”
State the purpose of a Customer Identification Program
List the information that must be collected and verified when a new account is opened
State the four core elements of a customer due diligence program
Understand the difference between the CIP and beneficial ownership requirements
Know the rules for opening an account for a legal entity customer
Ensure your bank has compliant written policies and procedures for customer due diligence monitoring
Know the requirements for filing a Suspicious Activity Report (SAR)
Understand the confidentiality included with a Suspicious Activity Report
Learn how money laundering occurs and identify common transaction red flags that may lead to SAR filings
Learn when documentation of a monetary instrument purchased in cash must be recorded and document certain information on funds transfers
Know when and how to comply with OFAC regulations
Differentiate between 314(a) and 314(b) requirements for information sharing
Course Outline This online Bank Secrecy Act – Frontline and Deposit Operations course is made up of the following sections:
Currency Transaction Reports
Customer Identification Programs
CDD and Beneficial Ownership
Suspicious Activity Reports
Recordkeeping, OFAC & Information Sharing
Course Audience This Bank Secrecy Act – Frontline and Deposit Operations online training course was designed for frontline and operations employees.
If you have any concerns as to whether this course is appropriate for you or your industry, please browse our full selection of online courses.
