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Anti-Money Laundering Requirements Under the Bank Secrecy Act

Learn the latest and most important legal and regulatory developments in the Bank Secrecy Act, anti-money laundering and OFAC compliance.

Many professionals in the financial area find themselves tasked with meeting various aspects of anti-money laundering laws and regulations. These laws apply to a wide swath of businesses including car dealerships, banks, credit unions money services businesses and financial technology companies (fintechs). For many companies, questions outnumber solutions. What should our anti-money laundering program include? How can we avoid problems without regulators? This topic is designed to address the basic design of the anti-money laundering regulations and the proper framework for meeting regulatory requirements. The material will help you understand the components of a BSA compliance program and what it should be designed to achieve and is critical for the design and implementation of an anti-money laundering program that is effective and compliant.

Runtime: 87 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview

  • Why We Have BSA Laws and Regulations; Money Laundering Has Been a Part of Our World Since the Beginning of Society
  • Brief Description of the Significant BSA Law Changes Over the Past 30 Years - a Discussion of the Focus of the Significant BSA Regulations

Why Is a Money Laundering a Problem?

  • Why Do We Care About This Topic - Recent Examples of How Money Laundering Impacts Our Daily Lives, Laundered Money Has Been Used to Do Everything From Funding Terrorism to Child Trafficking
  • Today Money Laundering Is Used to Fuel Several Illicit Industries

The Basic Money Laundering Transaction

  • Stages of Money Laundering
  • Placement - Introducing Dirty Money Into the Financial System
  • Layering - Attempts to Separate the Source of the Money From Its Owner
  • Integration - Returning the Money to the Owner in a New and Clean Form
  • What to Look for to Determine Each of These

Basic BSA Regulatory Requirements

  • The Five Pillars - the Basic Requirements of a Complete BSA Compliance System
  • Risk Assessments - the Basic Document to Use to Set up the BSA Program
  • CIP - the System for Identifying Who Your Customers Are and What to Expected From Them
  • KYC - the True Heart of an Effective Anti-Money Laundering Program, Knowing Who Your Customer Is and More
  • EDD - Some Customers Require More Monitoring Than Others, These Are High-Risk Customers
  • SARS - When Activity Being Conducted by Your Customer Is Unexplained, Time to File a SAR

Bringing It All Together

  • MSB's
  • MRB's
  • Regulators
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, New Hampshire, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on March 26, 2019.

Call 1-866-352-9540 for further credit information.

  • Arizona CLE 1.5
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • IL CLE 1.25
     
  • This course was approved for a total of 1.25 hours of MCLE Credit by the Illinois MCLE Board.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

James DeFrantz, CRCM, CAMS, J.D.

James DeFrantz, CRCM, CAMS, J.D.

Virtual Compliance Management

  • 30 years of experience in financial service regulatory compliance
  • Worked with money service businesses in the United States and internationally
  • Specialist in compliance in consumer and real estate lending
  • Served as a senior compliance examiner at the Federal Reserve Bank in San Francisco; as an analytical manager at the Office of Thrift Supervision; and as a commissioned national bank examiner at the Office of the Comptroller of the Currency (OCC)
  • He has a certificate from the Pacific Coast Banking School of bank management
  • Certified regulatory compliance management and certified anti-money laundering specialist
  • J.D. degree, University of San Francisco; B.A. degree, Dartmouth College
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

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Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 402925
Published 2019
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