Anti-Money Laundering & Counter Terrorism Financing
01 January 2020 00:00 by Dena Somers
Organisations offering designated services are faced with a multitude of money laundering and terrorism financing risks. The US Anti-Money Laundering & Counter Terrorism Financing module outlines your organisation's obligations under such laws as the 'The Currency and Foreign Transactions Reporting Act 1970', 'Money Laundering Control Act 1986', 'Money Laundering Suppression Act 1994', and 9 other compliance sources. This module offers practical guidance on the identification, mitigation and the management of your money laundering and terrorism financing risks.
Module Scope:
Core Obligations
- Overview
- Financial Institutions Subject to AML Compliance
- BSA Compliance Officer
- AML Compliance Program
- Risk Assessments
- Customer Identification Program (CIP) or Know Your Customer (KYC) Program
- Enhanced Due Diligence
- Cash Reporting and Currency Transaction Reports (CTRs)
- Suspicious Activity Reporting (SAR)
- Reporting and Recordkeeping Requirements
- Internal Controls
- Independent Testing
- Training
- Office of Foreign Assets Control (OFAC) Compliance Program
- Information Sharing
Legal Landscape
- Currency and Foreign Transactions Reporting Act 1970
- Money Laundering Control Act 1986
- Money Laundering Suppression Act 1994
- Antiterrorism and Effective Death Penalty Act 1996
- and 9 other compliance sources
Regulators
- US Treasury Department
- Financial Crimes Enforcement Network
- Office of Foreign Assets Control
- Internal Revenue Service
- US Justice Department
Webinars
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01 November 2020 23:20 by Dena SomersDena Somers outlines the current AML-CFT regulatory landscape and environment in the US, highlights the new trends happening in AML-CFT and outlines the key components of a BSA/AML compliance program.