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

Rewards and Recognitions that Get You What You Want to Achieve

The information that follows applies to human resources personnel and management at all levels.Rewards and recognitions are the responsibility of all involved in the management and development of employees. My belief is that one size does not fit all and in order to achieve the desired outcomes, both task responsibilities and individual differences must be taken into account. Why You have to Know There are numerous elements that decide an association's arrangement around remuneration, advantages, prizes and acknowledgments. Maybe the absolute first choice that should be made is one of the essential estimations of the organization. Is it going to be an organization dependent on rank and security or one dependent on legitimacy - or a blend of the two? Government offices and association controlled associations as a rule settle on the real choices of remuneration around arrangement, rank and security. So too do numerous associations in the corporate world.Smaller organizations
Post a Comment
Read more

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

Electronic Payment Fraud Prevention Best Practices

As online and electronic modes of payment increase in their prevalence, it is a lot easier to transact with money matters than it was a few years ago. One doesn’t need to visit a bank or any other financial institution to make these. One can do so from the comfort of one’s own location. But wait a minute. While these improvements in technology have made our tasks easier, they also come with an inevitable side effect: the potential for fraud. Vulnerability is a byproduct of technology. It is almost inseparable from the benefits that technology brings. Not only individuals around the world, but even organizations are at the receiving end of various smart frauds that dot the electronic payment landscape. Ironical as it may sound, companies don’t have the same levels and layers of protection from electronic payment fraud as individuals. They have less than 24 hours to report the fraud, failing which their chances of recovering their lost money reduce dramatically. So, what is the way
Post a Comment
Read more