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.
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