Bank Secrecy Act – CDD & EDD Procedures

This Bank Secrecy Act: CDD & EDD Procedures online training course explores the requirements for the creation of customer due diligence and enhanced due diligence procedures. The Bank Secrecy Act (BSA) passed in 1970 was enacted to help identify the source, volume and movement of currency and other monetary instruments transported into or out of the US or deposited into banks. Under the BSA, banks are required to strengthen and reduce the risk for illicit activity using risk-based procedures for customer due diligence and enhanced due diligence. These requirements are typically the responsibility of the bank's staff who open accounts, accept deposits, and facilitate fund transfers. However, it is the responsibility of the BSA Officer, senior management, and the board of directors to create and implement the bank’s policies and procedures.

Course Learning Objectives

By taking this online Bank Secrecy Act: CDD & EDD Procedures course, the user will learn:

• To understand the risk-based procedures’ requirements
• How to create CDD/EDD procedures
• The requirements for correspondent and foreign accounts   

Course Outline

This online Bank Secrecy Act: CDD & EDD Procedures course is made up of the following sections:

1. Requirements for Procedures
2. CDD/EDD
3. Correspondent and Foreign Accounts

Course Audience

This Bank Secrecy Act: CDD & EDD Procedures online training course was designed for bank employees and specifically BSA Officers and senior management.

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