Elder Financial Exploitation: The Basics Elder financial exploitation, or EFE, is a fast-growing and despicable form of abuse of seniors. It's also the most prevalent form of elder abuse. In general, elder financial abuse is any fraudulent act that uses the resources of an older individual for personal benefit, or an action that deprives an older individual of their belongings. Older adults lose more than $27.4 billion every year to scams, fraud, and exploitation. In this course, we'll discuss some examples of elder financial exploitation, go over why the elderly are targeted, and who they're typically targeted by.

Elder Financial Exploitation: How Financial Institutions Can Help Elder financial exploitation has been called the crime of the 21st century, and intervening, when possible, is critical. In this course, we'll focus specifically on what financial institutions can do to combat elder financial abuse. We'll discuss the red flags of financial abuse and go over some best practices to prevent abuse. We'll also talk about the laws surrounding elder financial abuse and the responsibilities of financial institutions in preventing and responding to it.

Elder Financial Exploitation: California Law With the largest elderly population of nearly four million, California also leads the nation with the largest loss of assets due to elder financial abuse. Because of this, the State of California became one of the first states to enact a comprehensive law providing civil remedies for elderly victims of abuse. In this course, we'll discuss the Elder Abuse and Dependent Adult Civil Protection Act.

Regulation B: What Is the Equal Credit Opportunity Act?

The Equal Credit Opportunity Act, or ECOA, implemented by Regulation B, is a federal regulation that forbids all creditors from discriminating against loan applicants based on nine prohibited factors. In this program, we'll talk about those categories and what exactly is prohibited under the law. We'll also discuss the rules for taking an application and evaluating its information. Lastly, we'll discuss consumer rights under Regulation B.

Truth in Savings Act: Regulation DD Part 1 Regulation DD implements the Truth in Savings Act, which Congress passed to help consumers make informed decisions about deposit accounts at different financial institutions through the use of uniform disclosures. The law requires FIs to provide account disclosures, so that consumers can make meaningful comparisons among different institutions. It also imposes requirements on how deposit accounts may be advertised and how interest on accounts may be calculated. So really, Regulation DD forces truth in advertising and protects the consumer. In this program, we are going to cover all of the different disclosures required by Regulation DD.

Truth in Savings Act: Regulation DD Part 2 In our Truth in Savings Act Part 1 program, we learned that Congress passed Regulation DD and the Truth in Savings Act to help consumers make informed decisions about deposit accounts at different financial institutions. Regulation DD forces truth in advertising and protects the consumer. In this second part of the series, we're going to focus on the advertising requirements listed under the regulation.

Regulation C Home Mortgage Disclosure Act Back in 1968, the Fair Housing Act was passed to protect home buyers from discriminations in mortgage lending. Did it work? Not really. So, in 1975, Congress enacted the Home Mortgage Disclosure Act or HMDA. It's a disclosure law, implemented by the Federal Reserve Board's Regulation C, and it requires covered institutions to compile and disclose data of applications for, originations of, and purchase of home purchase loans, home improvement loans, and refinancing. In this program, we'll talk about which financial institutions this applies to, which transactions are covered, and which are excluded. We'll also discuss what needs to be recorded, reported, and disclosed.

The Fair Housing Act Sometimes it's hard to believe that, not so long ago, it was legal to prevent a person from renting an apartment, or selling a home, to someone based on their race, color, religion, or disabilities. Not only was it legal, it was widespread and common practice. On April 10, 1968, approximately one week after Dr. Martin Luther King was assassinated, the Fair Housing Act (also known as Title VIII of the Civil Rights Act of 1968) was signed into law. The purpose of the law is to protect people from discrimination when they're renting or buying a home, getting a mortgage, seeking housing assistance, or engaging in housing-related activities. In this course, we'll discuss who is protected, the housing types that are covered, and what actions are prohibited under the law when it comes to selling, renting, and lending practices.

Homeowners Protection Act The Homeowners Protection Act (HPA) is also known as the PMI Cancellation Act, and was designed to reduce unnecessary payments of private mortgage insurance (PMI) when homeowners are no longer required to pay it. Before the Homeowners Protection Act, many homeowners unknowingly continued to pay PMI when their equity reached 20% and they were legally able to cancel it. Oftentimes, they weren't even aware they were paying it at all, since it was lumped into their monthly mortgage payments. In some instances, a lender would agree to terminate coverage when the borrower's equity reached 20%, but then neglected to do so. In this course, we'll discuss the basics of PMI and the methods for cancellation. We'll also go over the exceptions to cancellation of PMI, the disclosures that are required, and civil liability for violating the HPA.

Identity Theft: Red Flags Rule Identity theft is a hot topic. It seems like every day you hear a story about someone's identity being stolen, or a company offering you protection against identity theft. In this program we are going to talk about the Identify Theft - Red Flags Rule and how it applies to your Financial Institution.

Consumer Privacy Act Over 75% of Americans use the internet and other electronic means of mass communications. Because of this, consumer privacy has become a major issue. Consumer privacy, also known as customer privacy, involves protecting personal information that is revealed during everyday transactions. Watch this course to learn more.

Check 21 We've already learned about Regulation CC and the Expedited Funds Availability Act. This program provides information on the Check 21 Act, which is an amendment to Regulation CC. The purpose of Check 21 is to encourage the use of technology to improve the efficiency of the check payment system and this includes making check truncation possible.

Fair Credit Reporting Act The Fair Credit Reporting Act, or FCRA, was originally enacted in 1970 by the Federal Trade Commission. It outlines the rights of consumers and consumer reporting agencies with regard to consumer - or credit - information. The act has been amended many times, and was substantially amended in 2003 by the Fair and Accurate Credit Transactions Act, or the FACT Act. In this program, we're going to be discussing the permissible uses for credit reports, what happens if a person becomes the victim of fraud, and what guidelines should be put in place for the disposal of credit reports.

ECOA Reg-B Creditors cannot discriminate when deciding who to give credit to. Watch this course to learn what questions can be asked and what information can be used with giving credit.

Adult Financial Abuse Adult financial abuse is a growing problem all over the country and many factors contribute to this rising trend. Americans are living longer, so there are more elderly adults within our population than ever before. Many over 65 live in their own homes. Over 1 million people who are over the age of 65 suffer from serious dementia, and a large portion of people that are 85 and older are dealing with some degree of Alzheimer's.

Adult Financial Abuse - California California has the most reported cases of Adult Financial Abuse. With an estimated 4.1 million people who are 65 and older in 2009, it is the most popular retirement destination in the US. By 2020, that age group is expected to grow to over 9 million people. Due to the high numbers of adult financial abuse in California, the state passed the Financial Elder Abuse Reporting Act of 2005 (FEAR). Learn more about that act here!

Right to Financial Privacy Act Part 1 The Right to Financial Privacy Act of 197,8 or RFPA, was a result of the Supreme Court's Ruling in US v Miller (1976). The RFPA outlines specific process and procedures for disclosing member information to government authorities. Watch this course to find out how the RFPA applies to you!

Right to Financial Privacy Act Part 2 There are always exceptions to rules - and the RFPA is no different. On the one hand, you have the RFPA that protects financial records from being viewed. On the other hand you have the Patriot Act, BSA, and AML which provides government agencies the right to view customer records.

Financial records are important tools in investigating drug-trafficking, espionage, fraud, and acts of terrorism. In order to keep records protected when they need to be, and viewed when they need to be, exceptions to the RFPA were created.

Foreign Corrupt Practices Act: Compliance The Foreign Corrupt Practices Act, or FCPA, is a U.S. law that targets corruption and is often known as the law used to prosecute bribes paid abroad. A critical part of any company's internal controls is having an effective compliance program. It's essential to detecting and preventing FCPA violations and can be tailored to a company's specific business and to the risks associated with that business. In this program, we'll focus on tips for complying with the FCPA and the proper elements to an effective compliance program.

Foreign Corrupt Practices Act: Core Concepts With more than��1.1 billion dollars in resolution payments in the first quarter of 2019 alone, the Department of Justice, or DOJ, and the Securities and Exchange Commission, or SEC, are cracking down on enforcing the US Foreign Corrupt Practices Act. The Foreign Corrupt Practices Act, or FCPA, is a critically important statute for combatting corruption around the globe. In this program, we'll discuss the background of this Act and how it came to be. We'll also go over the core concepts and what violates the FCPA.

Right to Financial Privacy Act: Introduction What does "right to financial privacy" really mean? Well, not so long ago, the U.S. government could request access to our bank records, without our knowledge, at any time. Our bank records include highly sensitive information like our account numbers, social security numbers, home addresses, and spending patterns. Congress, in time, established privacy acts that would protect consumer information. In this course, we'll discuss the Right to Financial Privacy Act (RFPA). We'll look at its history, who it protects, how it impacts financial institutions, and the violations and penalties associated with the act.

Right to Financial Privacy Act: Gramm-Leach-Bliley Act - Title V In this course, we'll take an in-depth look at the Gramm-Leach-Bliley Act (GLBA). We'll discuss the history of the GLBA and how it came to be. We'll also focus specifically on Title V of the Act, which governs the treatment of nonpublic personal information about consumers by financial institutions. This act provides three types of privacy protection, which we'll discuss here. We'll also cover who it's designed to protect and how it impacts financial institutions. Lastly, we'll talk about exceptions to the law, and penalties for non-compliance.

Right to Financial Privacy Act: USA PATRIOT Act The Patriot Act stems from the September 11th, 2001 terrorist attacks on America. The terrorists involved in the attacks used U.S. and foreign financial institutions to hold, move, and retrieve their money. Following these attacks, the U.S. government set up a way to to detect or disrupt transactions of the type that financed 9/11. In this course, we'll talk about this important act and how it impacts financial institutions. We'll discuss the act's requirements including Customer Identification Programs and anti-money laundering measures.

Regulation E: Overview Technological advancements in the financial industry have provided much greater convenience and improved financial management and communication. The downside to these improvements is the increase in fraudulent activities, impacting both financial institutions and their customers. To safeguard against fraud, a set of rules was established by federal banking regulators known as Regulation E, or Reg E. These rules implement the Electronic Funds Transfer Act. In this course, we'll discuss the heart of Reg E. We'll go over the the important information financial institutions must disclose to their consumers, guidelines regarding when access devices, such as debit cards, may be issued, the extent of a consumer or bank's liability when there are errors, electronic transaction overdraft protections, guidelines for receipts and periodic statements, as well as information about prepaid account rules.

Regulation E: Electronic Check Conversion It wasn't long ago that when a person wrote a personal check, the recipient deposited the check and the check was processed manually. The process could take days to complete, which meant the deposit had to wait for the funds to clear. Today, new technology has eliminated much of the delay by turning a paper check into an electronic transfer, also known as an electronic check or e-check. In this course, we'll look at electronic check conversions, or ECKs, and how they're covered under Regulation E. We'll talk about ECK transactions, MICR encoding, consumer authorization, and payee responsibilities.

Regulation E: Disclosures Part 1 We know that Regulation E implements the Electronic Funds Transfer Act, the types of transfers the regulation does and does not protect, and why it's important as a financial institution to adhere to the guidelines. Regulation E also sets forth 11 disclosures, so in this course, we'll take a look at these individually so you can understand what a financial institution is required to disclose to its customers. One of the most important acts of compliance is to promptly and accurately communicate the content of these disclosures, so we'll also discuss disclosure requirements, including formatting, options, timing, and content.

Regulation E: Disclosures Part 2 In the Disclosures Part 1 video, you learned about the general requirements for disclosures and how they need to be formatted, what needs to be included, as well as the actual content of the disclosures themselves. In this video, we're going to focus on four specific disclosures: those involving changes to terms, ATM fees, overdraft service fees, and gift cards.

Regulation E: Electronic Transaction Overdraft Services Opt-In Prior to July 2010, if a consumer did not have enough funds to cover an electronic transaction, the bank or credit union would allow the transaction, cover it, and consequently charge a fee, without asking the consumer's consent. Consumers didn't like that and expected the transactions to simply be denied if their account had insufficient funds. As a result, Regulation E was amended to state that consumers must opt-in for this coverage. Let's take a look at what this protection means to consumers and their Financial Institutions.

Regulation E: Issuance of Access Devices Under Regulation E, an access device is a card, code, or other means of access to a consumer's account that may be used by the consumer to initiate electronic funds transfers (EFTs). Recognizable forms would be your debit card or personal identification number (PIN) used to access internet banking to initiate a transfer. In this program, we'll talk about the issuance of access devices and what's required under Regulation E.

Regulation E: Error Resolution and Consumer Liability Part 1 Errors will happen and Regulation E specifically outlines how FIs should handle these instances. In this program, we'll discuss what constitutes an error, and what is not considered erroneous. We'll also talk about how a financial institution should investigate an error once one has been reported, including knowing what information needs to be gathered, and how quickly they need it by. Lastly, we'll walk viewers through the thorough, four-step resolution process.

Regulation E: Error Resolution and Consumer Liability Part 2 In the first Error Resolution and Consumer Liability video, you learned how to conduct an investigation if a consumer reports an error. In this course, we will look at what a consumer's level of liability is, based on the circumstances. Regulation E addresses consumer liability based on whether or not an access device was involved, so in this video, we will look at the levels of consumer liability when an access device IS involved. We'll discuss the different tiers of liability and what determines liability. Also throughout this program, we'll go over some real-life scenarios to help you understand how consumer liability really works.

Regulation E: Error Resolution and Consumer Liability Part 3 In the first Error Resolution and Consumer Liability video, you learned how to conduct an investigation if a consumer reports an error. Then, we looked at the levels of consumer liability when an access device is involved. In this program, we'll look at the tiers of consumer liability with transactions that do not involve an access device and walk you through some real-life examples to help you understand consumer liability.

Regulation E: Receipts and Periodic Statements Regulation E was created for the protection of consumers. Two methods that consumers use to keep track of valid purchases and transfers are the review of periodic statements and the review of receipts of EFT transactions. For this reason, Reg E covers the importance of these documents. In this course, we'll talk about what must be included on these documents, and where, to ensure consumers are fully informed about their EFTs. We'll talk about terminal receipt requirements and any exceptions to these rules. We'll also go over periodic statement requirements and the list of exceptions to those.

Regulation E: Preauthorized Transfers A preauthorized electronic fund transfer is an EFT authorized in advance to recur at regular intervals. It could either be a credit to, or a debit from, and account. Examples would include your paycheck getting directly deposited. A preauthorized debit might be automatic monthly bill pay for your water bill. In this course, we'll look at what Regulation E has to say about these types of repetitive, preauthorized transfers. We'll go over the rules for when money is transferring either to or from a consumer's account. We'll also talk about stopping payments and notice of transfers in varying amounts.

Regulation E: The Prepaid Rule Part 1 Prepaid cards are hugely popular. Because they're so widely accessible, Regulation E was expanded to include protection for prepaid accounts. New rules have been amended to handle periodic statements for prepaid cards, pre-acquisition disclosures, changes in error resolution and liability limitations, as well as fee schedules. In Part 1 of the Prepaid Rule, we'll talk about which accounts and cards are covered, and which ones are not. We'll talk about error resolution and liability limitations, and exceptions for unverified prepaid accounts. Lastly, we'll discuss the required changes for periodic statements and alternatives.

Regulation E: The Prepaid Rule Part 2 In The Prepaid Rule - Part 1, we looked at what the Prepaid Rule is, discussed which accounts are and aren't protected by the new rules, and how the rule affects error resolution and liability. In this program, we'll look at pre-acquisition disclosures, their formatting, and content requirements. We'll also go over hybrid-prepaid credit cards and where to find helpful resources regarding the Prepaid Rule.

Real Estate Settlement Procedures Act: Disclosures The Real Estate Settlement Procedures Act, or RESPA, is a federal act passed in 1974 which covers residential properties of 1-4 units. Before RESPA, real estate professionals and closing service providers were charging customers unnecessary fees to close on their homes. In this course, we'll discuss what RESPA is and the disclosures it requires.

Real Estate Settlement Procedures Act: Kickbacks, Title Insurance, and Escrows The Real Estate Settlement Procedures Act, or RESPA, is a federal act passed in 1974 which covers residential properties of 1-4 units. Before RESPA, real estate professionals and closing service providers were charging customers unnecessary fees to close on their homes. In this course, we will examine Sections 8-10 of RESPA, which cover consumer protections in the law. Specifically, we'll talk about how the law deals with kickbacks, title insurance, and escrows.

Regulation CC: 01 Expedited Funds Availability Act Basics Before 1987, back when paper checks were still a thing, MTV still aired music videos, and big hair was a MUST, many banks were holding deposits basically for as long as they wanted, before crediting consumers' accounts. "Gimme my money!" Am I right? Due to obvious public concern, congress passed the Expedited Funds Availability Act, or EFAA. The act limits the fund holding periods for all U.S. banks, savings institutions, and credit unions. This act led to many banking changes, which we'll get to throughout this series, but in this first course, we'll talk about the basics of the EFAA.

Regulation CC: 02 Expedited Funds Availability Act Exception Holds So, like, in the last program, we totally talked about the Expedited Funds Availability Act of 1987, and how it was managing paper checks, and more importantly, their funding times. Since the banking industry is one of the most clear-cut, unambiguous industries (PSYCH!), there are, of course, a ton of exceptions to their rules. Don't have a cow! In this program, we'll quickly roll through the exceptions to Regulation CC's funds availability requirements.

Regulation CC: 03 Expedited Funds Availability Act Check 21 YES. Get excited. We're talking about Check 21. "WHAT?!" Yeah, you read that right! Back in October 2004, the Check Clearing for the 21st Century Act, also known as Check 21, went into effect and is covered in Subpart D of Regulation CC. authorizes the use of a negotiable instrument called a "substitute check." Check 21 provides the legal framework for the creation of these types of checks, which can then be used in place of the original paper check, without an agreement in place with other financial institutions. Prepare yourself for the wonder of Check 21. Let's dive in.

Bank Secrecy Act Basics: 01. Overview of the Bank Secrecy Act

Congress passed the Bank Secrecy Act in 1970 with the intent to combat money laundering in the U.S. Throughout the years, several additional regulations have passed to continue this mission. This collective group of laws that outline the bank's obligations to prevent money laundering are commonly known as BSA/AML, which refers to Bank Secrecy Act and Anti-Money Laundering. In this course, we'll talk about how the history of the Bank Secrecy Act and how it has evolved. We'll discuss who the BSA/AML regulations apply to and who is in charge of enforcing these laws.

Bank Secrecy Act Basics: 02. Money Laundering 101

When the U.S. government started to track large cash transactions, criminals responded by developing ways to hide the true source of their money flow, also known as money laundering. Money laundering is the process of making illegally gained funds appear to be legal. Illegally gained funds are often referred to as "dirty money." That's where the term "laundering" comes from; turning dirty money into clean money. In this program, we'll talk about the basics of money laundering. Then, we'll go over how it works, how it impacts the economy, and what the U.S. is doing to put a stop to it.

Bank Secrecy Act Basics: 03. Components of a Money Laundering Operation

Money laundering can be a very shady and hard-to-identify criminal scheme. It's important to understand the basic structure of a money laundering operation, so you can recognize when it's happening. All money laundering schemes have three elements: placement, layering, and integration. In this program, we'll talk through these three stages so that you're able to identify criminal activity when it occurs. We'll also discuss what to do if you suspect that money laundering is taking place in your financial institution.

Bank Secrecy Act Basics: 04. Requirements and Purpose of the Bank Secrecy Act

The Bank Secrecy Act established a robust set of regulations for banking institutions, including the requirement that every financial institution establish a BSA compliance program to deter illegal money laundering activity. The act also created a pathway through which law enforcement can investigate these types of crimes. In this course, we'll explore the five main components of the BSA/AML program requirements and go over who is responsible for leading the effort.

So What's the Big Deal? So, what's the big deal? Is anyone really hurt by money laundering? Shouldn't we be focused on preventing the crimes that produced the dirty money rather than the attempts to cover up the crime after the fact? As we'll see in this course, when it comes to money laundering, it's not so simple and clear-cut.

Manipulating the System In this program we're going to discuss the events that led to a major overhaul of Bank Secrecy Act/Anti-Money Laundering (BSA/AML) regulations in 2001. In the other courses in this series, we've looked at how AML laws were developed to stop dirty money from entering the banking system. Some of the most significant changes to a bank's AML program have been a result of the passage of the USA PATRIOT Act, passed in direct response to the 9/11 attacks.

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).

Bank Secrecy Act for Managers: 01. Money Laundering Risk Factors In this course, we're going to look at the red flags that FinCEN and the other regulatory agencies have identified as instances when enhanced due diligence is required.

Bank Secrecy Act for Managers: 02. BSA Compliance Program Requirements

All financial institutions are required to establish and maintain a Bank Secrecy Act compliance program. Therefore, it's essential that all leaders in your organization understand the requirements, so you can support the program and understand your role. In this program, we'll dive into the basics of the BSA's compliance program requirements. We'll go over procedures and practices, the customer identification program, and conducting customer due diligence, or CDD.

Bank Secrecy Act for Managers: 03. Wire Transfers and Money Laundering

It's likely not a surprise to you that cash or currency is no longer playing a leading role in our economy. Most financial exchanges today depend on a complex system of electronic fund transfers instead of cash. In this program, we're going to focus on how some people exploit that system to launder money. For the sake of simplicity, we're going to refer to all of these electronic transactions simply as wire transfers, which play an integral role in the second phase of money laundering: layering. Here, we'll cover how to stay vigilant against the use of wire transfers in money laundering schemes.

Bank Secrecy Act for Managers: 04. Money Services Businesses

A money services business, or MSB, refers to a non-bank that cashes checks, exchanges currency, issues travelers' checks, or sells money orders. So, it's basically any business that provides banking services but doesn't accept deposits. So how do MSBs work when it comes to compliance with BSA/AML regulations, and what does it have to do with you? That's what this course is all about. In this program, we'll dive into MSBs so you can better understand how they operate and the necessary due diligence you'll need to do with your own customers who may use MSBs.

Bank Secrecy Act for Managers: 05. Exceptions to the Rule

Typically, when an organization or individual makes a money exchange, like withdrawing or depositing $10,000, you have to file a currency transaction report, or CTR, to help prevent money laundering, but there are exceptions. In this program, we'll walk through the guidelines provided by BSA/AML regulations for exempting certain businesses from currency transaction reporting requirements. We'll go over the two categories of exempt businesses: Phase I and Phase II. We'll talk about which businesses fall into these categories, and why.

Bank Secrecy Act for Managers: 06. Enhanced Due Diligence

The USA PATRIOT Act first established the concept of "enhanced" due diligence in regard to organizations that pose a higher risk of money laundering or terrorist financing. Under the law, these businesses require a different level of evaluation than other organizations. Your existing customer due diligence (CDD) program already outlines what information will be collected and analyzed as part of the customer risk profile. So, for customers requiring enhanced due diligence, you'll be conducting a deeper analysis. In this course, we'll explore the types of customers that require enhanced due diligence and go over what that process looks like.

Bank Secrecy Act for Managers: 07. True Stories of Money Laundering

In this course, we'll discuss several case studies involving money laundering schemes. Without giving specific names and financial institutions, we'll share several real-life stories provided by the Financial Crimes Enforcement Network, or FinCEN. Hopefully, by walking through some of these scenarios, you'll gain a better understanding of the events, risks, and consequences associated with money laundering.

Bank Secrecy Act for Managers: 08. USA PATRIOT Act and Information Sharing Requests

One of the primary goals of the USA PATRIOT Act is to break down the barriers preventing government agencies from sharing information with each other and with non-governmental groups. For banking institutions, provisions in this act changed what types of data banks were allowed to share with law enforcement and with each other. In this program, we'll dive a bit deeper into what you need to know about the USA PATRIOT Act and what's required of your team. First, there are two types of information sharing outlined in section 314 of the USA PATRIOT Act. You don't need to know the specific language, but it's important that you can identify these information requests by name.

Changes in July 2010 The Federal Reserve Board amended Regulation E in November 2009 to limit the ability of an FI to assess an overdraft fee for paying ATM and one-time debit card transactions that overdraw a consumer's account, unless the consumer affirmatively consents, or opts-in, to the institution's payment of overdrafts for these transactions. These changes take effect on July 1, 2010.

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