Understand the threat of the money laundering environment and the evolution of AML laws.
Any crime with a for-profit motive involves money laundering. It is estimated that between $800 billion and $2 trillion is laundered around the world on an annual basis. Crime and money laundering continuously evolve and have many touchpoints with financial institutions. To counter the emerging threats, most countries enacted robust anti-money laundering (AML) requirements. In the United States, we enacted the Bank Secrecy Act (BSA) in 1970. Over time, the BSA has been amended and updated numerous times to better address the threat environment. The most notable updates to the BSA were the passage of the USA PATRIOT Act in 2001 and the Anti-Money Laundering Act of 2020. This compelling session will address the evolution of the threat environment and the evolution of AML laws from the inception of the BSA, through the USA PATRIOT Act, to the AML Act of 2020. It will also discuss the impact and consequences for financial institutions, law enforcement, and the bad actors who commit crimes and launder illicit proceeds.
Learning Objectives
- You will be able to identify reasons for and aspects of the Bank Secrecy Act.
- You will be able to recognize threats in the environment that are mitigated by the Bank Secrecy Act.
- You will be able to recognize the evolution of the Bank Secrecy Act.
- You will be able to recognize the effects of the Bank Secrecy Act.
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Why Lorman?
Over 37 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
- The Intent and Purpose of the Bank Secrecy Act
- The Consequences of Non-Compliance
- Three Lines of Defense
- Culture of Compliance
Threat Environment
- Nexus Between Crime and Money Laundering
- Emerging Trends
- Touchpoints With Financial Institutions
Evolution of the BSA
- BSA
- PATRIOT Act
- AML Act of 2022
The BSA in Practice
- BSA Reporting
- Consequences
- Public Private Partnerships
Conclusion and Takeaways
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Why Lorman?
Over 37 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 January 30, 2023.
Call 1-866-352-9540 for further credit information.
CPE/NASBA - QAS Self Study 1.8 including Business Law 1.8
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study 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: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Business Law for 1.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement 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.
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Why Lorman?
Over 37 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
Dennis Lormel
DML Associates
Dennis M. Lormel
- Principal of DML Associates
- Distinguished 31-year career in government service in addition to consistently delivering high-quality consulting services to clients
- Recognized subject matter expert in the anti-money laundering, terrorist financing, and fraud communities
- Accomplished speaker and is routinely engaged to provide training
- Can be contacted at [email protected] or 571-333-0300
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Why Lorman?
Over 37 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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