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

This webinar will help to understand the fundamental requirements of the BSA/AML statutes and Money Laundering strategies and techniques.

• 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

Money laundering continues to be a national concern. High levels of drug-related activity and violence have drawn additional attention. Terrorist activities need to be considered as well. Perpetrators have adapted to banks’ efforts so banks cannot combat the money laundering with yesterday’s methods. Software is widely installed to identify specific patterns and “unusual” transactions. But the fraudsters, who know this, are constantly striving to create illicit new patterns where their designed transactions cannot be flagged. Like in a game of chess, the advantage goes to the side that thinks the most moves ahead.

This webinar will provide valuable assistance to all personnel with AML responsibilities in banks or other financial institutions:

• Compliance with regulatory requirements
• Designing controls and compliance
• Detecting money laundering attempts
• Managing the investigating of AML alerts
• Analyzing controls improvement options
• Understanding money launderers’ strategies and techniques

• Compliance/Legal Departments
• Operations
• Frontline Personnel
• Internal Audit Departments
• Chief Compliance Officers
• Compliance Officers
• Operations Personnel
• Frontline Personnel    
• Branch Managers
• Fraud
• Compliance and AML areas.
• VP
• Manager
• Director
• Supervisor levels

Jim George is an independent consultant to banks focusing on issues of fraud. He brings over 25 years as a consultant to major banks in Associate Partner and Principal roles at PriceWaterhouse-Coopers Consulting, IBM Consulting in Bank Risk and Compliance and Andersen Consulting (now Accenture). He has also been SVP Operations for a Fortis-US division providing outsourcing services to the banking industry. 

Jim's work has included projects in fraud investigation, fraud prevention, identity issues, compliance and AML (anti-money laundering). His background includes work in bank operations and payments strategy, reengineering, systems and quality improvement.