Introduction to the Bank Secrecy Act

*This course is not eligible for AAP or APRP Continuing Education Credits

Criminals have long used money laundering ploys to disguise or “clean” the source of fraudulently obtained or stolen funds. Money laundering poses substantial risks to the safety and soundness of the U.S. financial industry. With the advent of terrorists who employ money-laundering techniques to fund their operations, the risk expands to include the nation’s safety and security. Financial institutions play a vital role in helping investigative and regulatory agencies identify money-laundering entities and take appropriate action through proper operations. This course will review the definitions of money laundering and terrorist financing. The instructor will provide an overview of the significant requirements a financial institution must comply with to help employees unfamiliar with the Bank Secrecy Act understand the Act’s purpose, requirements, and implications.

Questions answered by this session:

  • What is the definition of money laundering and terrorist financing?
  • What are the significant requirements of the Bank Secrecy Act?

Prerequisites (if any): None 

Level: Beginner, ideal for employees with legal, compliance, audit, risk, fraud management, customer onboarding, and operational roles to gain an understanding of the purpose of the Bank Secrecy Act and, at a high level, the requirements a financial institution must adhere to for compliance with the Bank Secrecy Act

Learning Outcomes:

  • Have a basic understanding of the Bank Secrecy Act.
  • Understand the definitions of money laundering and terrorist financing.
  • Know the critical requirements of the Bank Secrecy Act.
  • Understand the consequences of non-compliance with the Bank Secrecy Act.

Skills Covered in this Course: Regulatory Compliance, Risk Management, Fraud Monitoring

Instructors:

Kerry Sellen, AAP, APRP, Nacha

Key:

Complete
Failed
Available
Locked
[Recording] Welcome and Introduction
[Recording] History of the Bank Secrecy Act
[Recording] Definition of Money Laundering
[Recording] Definition of Terrorist Financing
[Recording] Basic Requirements of the Bank Secrecy Act
[Recording] Consequences of Non-Compliance
Recording] Conclusion