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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.
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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
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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.

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