Skip to main content

Bank Secrecy Act: The Fundamentals - CIP, CDD, EDD, CTR and Current Issues

Money laundering is a matter of serious concern in most countries of the world.  Its strong link with drug-related activity and terrorist violence make it a potent combination. Funding is the lifeblood of such activities, because none of this can happen without sound financing.
As perpetrators assail every loophole in the financial system to transfer funds illegally for abetting such acts, the banking system cannot hope to contain these nefarious activities unless it wakes up and adapts modern methods.
Most banks have implemented software which throws up red flags whenever there are unusual or suspicious transaction patterns. However, this is not sufficient, as perpetrators are aware of this and outsmart the system. It is all about who outmaneuvers the other.evolution-bank-secrecy 

Anti-money Laundering (AML) and Bank Secrecy Act (BSA) are two of the recent regulations aimed at containing money laundering. How should banks and financial institutions implement these regulations? A webinar from Traininng.com, a leading provider of professional training for all the areas of regulatory compliance, will explain this in detail.
At this webinar, which is being organized on October 22. Traininng.com brings Jim George, an independent consultant to banks who focuses on issues of fraud, will be the expert. Please enroll for this session by visiting https://www.traininng.com/webinar/bank-secrecy-act:-the-fundamentals---cip,-cdd,-edd,-ctr-and-current-issues-201101live.
-----------------------------------------------------------------------------------------------------------------
At this webinar, Jim will explain all the aspects of money laundering prevention, such as how to comply with regulatory requirements, how to design controls and compliance, how to detect money laundering attempts, the ways of managing the Investigating of AML alerts, the methods of analyzing controls improvement options, and understanding money launderers' strategies and techniques.
He will cover the following areas at this webinar:
  • The Bank Secrecy and USA PATRIOT Acts
  • Know Your Customer (KYC)
  • Currency Transaction Reports (CTRs)
  • Suspicious Activity Reports (SARs)
  • New Customer Due Diligence requirements
  • Steps are specifically required by the regulations
  • Analytic engines
  • AML and Fraud overlaps
  • Adaptation by perpetrators
  • False Positive Problem
  • The New Customer Due Diligence requirements
  • Three covered entity types
    • Customer legal entity
    • Beneficial owners
    • Controlling persons
    • Exclusions
  • New Requirements
    • Risk profiles
    • Updating
    • Baseline/normal transactions
    • Transaction monitoring
  • Money Laundering Strategies and Techniques
-----------------------------------------------------------------------------------------------------------------
About the expert: In his over 25 years as a consultant to major banks, Jim has carried out projects in fraud investigation, fraud prevention, identity issues, compliance and Anti Money Laundering (AML). His background includes work in bank operations and payments strategy, reengineering, systems and quality improvement.
Labels:

Comments

Post a Comment

Popular posts from this blog

Introducing The Simple Way To IDENTITY ISSUES In BANKING

Identity theft is one of the foremost issues for the banking industry. It goes without saying, from an observation of any of the patterns that the fraudsters use for theft, that they are smart. They devise innovative ways to circumvent the system. For example, they don’t use their real name, address or social security numbers when logging in. They could also use stolen or vicarious identities, making investigation a lot harder to carry out. The ways of understanding these complexities will be the topic of a 60-minute webinar from Traininng.com, a leading provider of professional training for all the areas of regulatory compliance. At this valuable session, the expert, Jim George, an independent consultant to banks who focuses on issues of fraud, will be introducing the simple way to identity issues in banking. Please register for this session by visiting ---------------------------------------------------------------------------------------------------------------- Identifying th...
Post a Comment
Read more

Fashion industry ‘waking up’ to benefits of blockchain technology, robotics

Blockchain and robotics are becoming increasingly popular in the global fashion industry as brands look to increase transparency and improve efficiencies, according to GlobalData. While it is still in its infancy, blockchain technology has the potential to transform the global supply chain, says Michelle Russell, apparel correspondent at GlobalData. She says that during the last few years, the adoption of blockchain technology amongst apparel and textile companies has grown substantially as the pressure to have more visibility in the supply chain ramps up. “Its uses are varied as companies use the ledger to address problems in unethical behaviour, excess waste, the origin of goods, and counterfeiting.” German start-up Retraced recently launched a blockchain-based transparency solution that it is trialling with a number of fashion brands. Other examples include OpenSC which received US$4 million in seed funding for its platform that aims to build transparency around commodities know...
Post a Comment
Read more

Courses Of Investment Performance Risk,Management Training

All investors and money managers know that investing has risks. A primary aspect of investing is managing investment performance risk and doing so in the context of one's risk/return objectives. Firstly, the presentation defines investment risk in general terms. Investment performance risk is a multifaceted subject and it must be understood with respect to the causes of investment risk, the degree of risk present in a portfolio or single investment, the correlation of risk undertaken relative to  an investor’s risk/return objectives and the consequences of inappropriate or misunderstood levels of investment risk when an investment manager is engaged or one is managing their own investments. Next, the presentation examines investment performance risk from both the perspective of the investor and from the perspective of the money manager. An investor managing one's own investments must understand the various risk generating aspects of one’s portfolio and individual inve...
Post a Comment
Read more