Bank Secrecy Act for Frontline Employees
English
30-Day Money Back Guarantee
Full Lifetime Access
Self-Paced
Finish in
42 mins!
Finish in
42 mins!
Made for for
Employees
only
Employees
only
Certificate
of Completion
of Completion
Mobile -
Friendly
Access
Friendly
Access
What you'll learn
When to file and how to file Currency Transaction Report or CTR
Good customer service
Defining "suspicious activity" and how to report
more
Skills covered in this course
Description
Our Banking library covers topics such as Regulation E, credit unions, bank secrecy basics for frontline employees and management, loan processing, PATRIOT Act, robbery training, check fraud, the Right to Financial Privacy Act, Foreign Corrupt Services Act, and much more.
System Requirements
• Windows 7 and newer
• Mac OS 10 and newer
Supported Browsers:
The current and previous major releases of the following browsers
• Safari v11 and higher
• Firefox v65 or higher
• Chrome v70 and higher
• Microsoft Edge v42 and higher
• Internet Explorer v11 and higher (Windows only- may exhibit visual differences from other
browsers)
Computer Speed and Processor:
• Use a computer 5 years old or newer when possible.
• 1GBofRAM
• 2GHz processor
Author
Making the Workplace Safer and Smarter
HSI (Health & Safety Institute) is a recognized leader in Environmental, Health and Safety (EHS) and workforce development software, training, and compliance solutions.
HSI is your single-source partner for EHS, Compliance, and Professional Development solutions. HSI provides integrated e-learning content, training solutions, and cloud-based software designed to enable your business to improve safety, operations, and employee development. Across all industries, we help safety and technical managers, human resources, first responders, and operational leaders train and develop their workforce, keep workers safe, and meet regulatory and operational compliance requirements. We are a unique partner that offers a suite of cloud-based software solutions including learning management, safety management, chemical SDS management, and more, integrated with our content and training so businesses can not only monitor and manage multiple workflows in one system, but train employees via one partner.
Bank Secrecy Act for Frontline Employees
Bank Secrecy Act for Frontline Employees: 01. What Are Currency Transaction Reports?
The best way to combat money laundering is to prevent dirty money from entering into the financial system. The currency transaction report, or CTR, was designed to help financial institutions keep that from happening. In this course, we'll discuss all the basics of CTRs: how they work, when to use them, where they go, and the information you're required to keep.
Bank Secrecy Act for Frontline Employees: 02. Filing Currency Transaction Reports
Now that we know how currency transaction reports (CTRs) work and the requirements for filing them, we're going to teach you how to file them. This process will vary depending on where you work, so check with your financial institution on their specific requirements. In this course, we'll go over collecting verification information and where to properly record it. We'll discuss the four sections of the CTR and how to complete them. We'll also talk about what to do when customers are inconvenienced or frustrated by the CTR filing requirements.
Bank Secrecy Act for Frontline Employees: 03. Suspicious Activity Reports
At the most basic level, regulatory compliance is all about risk management. In this course, we'll discuss one important way to manage risks when it comes to money laundering: the suspicious activity report, or SAR. These are documents that financial institutions must file with the Financial Crimes Enforcement Network, or FinCEN. We'll talk about what circumstances require these documents, go over who can file them, and list what information should be included. We'll also cover the confidentiality requirements of suspicious activity reports, what happens if you're wrong in filing a SAR, and some other general rules of filing these reports.
Bank Secrecy Act for Frontline Employees: 04. Customer Information Programs
As part of the USA PATRIOT Act, financial institutions are required to have customer identification programs, or CIPs. This helps prove customer identities, which is a key part in fighting money laundering schemes. In this course, we'll talk about what this means to you as a bank employee. We'll discuss the important distinction between customers and consumers, as they relate to BSA/AML. We'll go over who this rule applies to and the specific information you're required to collect to verify identification. We'll also look at specific recordkeeping rules for CIPs.
Bank Secrecy Act for Frontline Employees: 05. Office of Foreign Assets Control
The Office of Foreign Assets Control, or OFAC, is a division of the Treasury Department. Their role is to administer and enforce economic sanctions programs against countries or groups of individuals such as terrorists and traffickers. When economic sanctions are initiated, OFAC is responsible for ensuring that no one conducts business with that entity and that sanction guidelines are followed. In this program, we'll go over how these sanctions work, review screening against the Specially Designated Nationals List, or SDN, and cover what to do if someone who's flagged tries to bank with you.
Bank Secrecy Act for Frontline Employees: 06. Review of Money Laundering Activities
You should already be familiar with BSA/AML regulations and some of the red flags for money laundering. So in this course, we're going to dive a bit deeper, while doing a review of those red flags. We'll go over various ways that wire transfers are used to launder money, and we'll also discuss unusual activities to stay aware of. However, it's important to note that none of the activities we're discussing in the course are illegal on their own. Successful money laundering is a layered, complex process, almost never involving a single transaction.
What SAR? I Don't Know Anything About an SAR.
In an effort to get a "big picture" view of Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance, keep in mind that your responsibility is to observe, report, and identify your customers. As with any kind of regulatory compliance, there will be some specific rules that you'll need to keep in mind as you do your job. But if you keep these three things in mind, you'll be fine. In this course, we'll discuss the specifics of filing a Suspicious Activity Report (SAR).
