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60-minute live streaming program
  • September 15
  • 1:00 - 2:00 pm EST

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OnDemand Course

BSA/AML Recordkeeping Requirements for Wire Transfers, Money Orders, and Other Transactions

September 15

Gain deeper insight into BSA-AML requirements and what must be saved and for how long.

Banks and other financial institutions are required by the Bank Secrecy Act (BSA) to maintain records for various types of transactions. Recordkeeping requirements may differ depending on the type of transaction and the role of the institution in the particular transaction. Failure to comply with applicable recordkeeping requirements can subject a financial institution to monetary penalties and other regulatory consequences. This topic will provide an overview of the BSA’s recordkeeping requirements and discuss the requirements for funds transfers, monetary instruments, and certain other types of transactions. This information should help you understand when various types of transactions trigger recordkeeping requirements and what information must be collected and retained.

Learning Objectives

  • You will be able to describe BSA/AML recordkeeping requirements.
  • You will be able to discuss recordkeeping requirements for funds transfers.
  • You will be able to review recordkeeping requirements for monetary instruments.
  • You will be able to identify other BSA/AML recordkeeping requirements.

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Why Lorman?

Over 34 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 of BSA/AML Recordkeeping Requirements
  • Requirements for Banks and Other Financial Institutions
  • Nature of Records and Retention Period
  • Relevant Regulations and Sources
Recordkeeping Requirements for Funds Transfers
  • When Do Funds Transfers Trigger Recordkeeping Requirements?
  • What Information Must Be Collected and Retained?
    • Institution's Role in the Funds Transfer
    • Established vs. Non-Established Customers
  • Exceptions
  • FinCEN's Proposed Rule Regarding International Funds Transfers (October 2020)
Recordkeeping Requirements for Monetary Instruments
  • When Do Monetary Instruments Trigger Recordkeeping Requirements?
  • What Information Must Be Collected and Retained?
    • Deposit Accountholder vs. Non-Accountholder
    • Identity Verification
  • Indirect Purchases of Monetary Instruments
Other BSA/AML Recordkeeping Requirements
  • Extensions of Credit
  • Other Transactions
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More Program Information

Why Lorman?

Over 34 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 Course

This course was last revised on November 7, 2019.

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

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

Live Webinar Registration

  • CPE 1.2 including Specialized Knowledge 1.2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.2 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 1.2 hours. Prerequisite: basic knowledge of the banking industry. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     

Who should attend?

This live webinar is designed for presidents, compliance officers, vice presidents, branch managers, business owners and managers, loan officers, loan department personnel, mortgage brokers, underwriters, and accountants.

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Why Lorman?

Over 34 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

Javier A. Urbina

Javier A. Urbina

Skadden, Arps, Slate, Meagher & Flom LLP

  • Associate with Skadden, Arps, Slate, Meagher & Flom LLP
  • Advises global financial institutions and multinational companies with respect to issues arising under U.S. anti-money laundering and economic sanctions laws
  • Extensive experience representing clients on domestic and complex cross-border compliance and enforcement matters, including internal investigations, regulatory examinations, transactional due diligence, voluntary disclosures, monitorships, and the resolution of administrative and enforcement proceedings involving federal and state regulatory and law enforcement agencies
  • In addition to representing clients in investigations and contested proceedings, he regularly works with clients to design and implement strong global, regional, and local compliance programs to address requirements imposed by U.S. anti-money laundering laws and economic and trade sanctions regulations
  • Advises major companies in the fintech/virtual currency spaces in connection with money transmission and similar licensing requirements, as well as related compliance obligations under applicable anti-money laundering and sanctions regulations
  • Recently completed a secondment in the headquarters of a global European-based bank, where he advised on obligations arising from the bank’s sanctions settlements with U.S. federal and state authorities, and assisted in developing and implementing an enhanced global sanctions compliance program
  • J.D. degree, with high honors, George Washington University Law School; B.A. degree, University of Pennsylvania
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Why Lorman?

Over 34 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.

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  • Live Webinars
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Product ID: 407979
Published 2019, 2021
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