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Bank Secrecy Act: Reporting and Recordkeeping

The reporting and recordkeeping requirements of the BSA help combat money laundering, terrorism and financial crime.
SKU: P2488EN
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The Bank Secrecy Act (BSA) is one of the main tools the Federal Government uses to combat financial crimes and terrorist activity. The BSA requires banks to assist in preventing crime by enacting sound policies regarding reporting, recordkeeping, and monitoring of potentially criminal activity.

This module will provide you with the information you need to ensure your bank is in full compliance with the reporting and recordkeeping requirements of the Bank Secrecy Act.

 

Learning Objectives:

  • Ensure Suspicious Activity Report policies at your bank are in compliance
  • Discuss Currency Transaction Reports and understand when they must be filed
  • Explain Monetary Instrument Purchase Reporting
  • Explain Fund Transfer and Transmittal Recording
  • Explain Extension of Credit Recording
  • Describe the elements of an OFAC Compliance program
  • Understand the rules for Reports of Foreign Financial Accounts
  • Understand E-Filing

 

Course Outline:

  • Suspicious Activity Reporting

o   Filing Procedures

o   Exceptions

o   Record Retention

o   Confidentiality

  • Currency Transaction Reporting

o   Multiple Transactions

o   Exemptions

o   Additional CTR Requirements

  • Purchase and Sale of Monetary Instruments

o   I.D Requirements

o   Recordkeeping

  • Fund Transfer and Transmittal Recordkeeping

o   Recordkeeping

o   Retrievability

o   Verification

o   Exceptions

  • Extensions of Credit
  • OFAC Compliance

o   Penalties for Non-Compliance

o   Blocking

o   Prohibited Transactions

o   Blocking Procedures

o   Reporting Requirements

o   Reports

o   Accidental Processing

o   Recordkeeping

  • Reports of Foreign Financial Accounts

o   Account Types

o   Financial Interest

o   Exceptions

o   Exemptions

o   Anti-Avoidance Rule

  • E-Filing

o   Registration

o   FinCEN Next Steps

 

Duration:

1.66 Hours

Features:

Audio, Hybrid

Module(s):

4502EN


Products specifications
Course Language English
Length Range 31 - 60 Minutes
Length (Hours) 0.83
Course Features Audio
Course Features Mobile
Module Number(s) 4502EN
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