The Bank Secrecy Act (BSA) requires banks to enact a number of programs. These programs are designed to both fight terrorism and money laundering, and ensure compliance with the BSA itself.
This module will provide you with an overview of the programs the Bank Secrecy Act (BSA) requires banks to set up. We will discuss Customer Identification Programs (CIPs), Customer Due Diligence Programs (CDDs), Bank Secrecy Act/Anti-Money Laundering Compliance Programs and the AML rules for correspondent accounts.
This course has an examination.
- Create and maintain a Customer Identification Program at your bank
- Create and maintain a Customer Due Diligence program at your bank
- Create and maintain a BSA compliance program at your bank
- Ensure your bank is following BSA regulations regarding AML and Correspondent Accounts
- Customer Identification Programs
o Identity Verification
o Procedures for Lack of Verification
o Identity Comparison
o Customer Notice
o Program Creation
- BSA/AML Compliance Programs
o BSA/AML Compliance Officer
o Internal Controls
o Employee Training Programs
o Independent Testing
- AML and Correspondent Accounts
o Policy Requirements
o Enhanced Due Diligence for Certain Foreign Banks
o Additional Procedures
o Enhanced Scrutiny for Certain Accounts
o Foreign Shell Banks