April 2025 Virtual FinCrime School – Day 1: BSA Basics

Description

Day 1: BSA Basics – Tue, Apr 15, 2025 9:00 AM – 4:30 PM EDT

Foundations of Money Laundering & Compliance

Join us for an insightful and in-depth webinar on the fundamentals of money laundering and compliance. On Day 1, we will lay the groundwork by exploring the key concepts, regulations, and best practices every financial professional needs to know.

What’s Covered on Day 1:

• Introduction to Money Laundering: Understand the scope of money laundering, its impact on the global financial system, and why combating it is crucial for maintaining integrity in financial institutions.
• A Brief History of the Bank Secrecy Act (BSA): Learn about the origins and evolution of the BSA, a cornerstone in anti-money laundering (AML) regulation, and its importance in today’s compliance landscape.
• Key AML Terminology: Get familiar with essential terms such as KYC (Know Your Customer), PEP (Politically Exposed Person), and other common jargon that are critical to understanding money laundering and compliance protocols.
• Customer Identification Program (CIP): Dive into the importance of verifying the identity of your clients to prevent money laundering and terrorist financing.
• Customer Due Diligence (CDD): Explore the steps and processes necessary to understand your clients’ financial activities, ensuring they comply with AML laws.
• Enhanced Due Diligence (EDD): Learn how to conduct thorough investigations for higher-risk customers, including politically exposed persons and those with complex financial histories.
• Beneficial Owners: Gain insights into identifying and verifying the true owners of an account or business entity to prevent fraudulent activities.
• Suspicious Activity Reports (SARs): Understand the significance of SARs and the process of reporting suspicious activities to the authorities to maintain compliance and prevent illicit transactions.

In addition to these core topics, Day 1 will cover additional key areas that shape a strong anti-money laundering strategy, ensuring you are equipped to tackle the challenges of the evolving financial crime landscape. Whether you’re new to AML or looking to refresh your knowledge, this webinar offers a comprehensive introduction to the essential building blocks of compliance. Sign up today and gain a deeper understanding of how to protect your institution and stay ahead in a rapidly changing regulatory environment.