Gain deeper insight into BSA-AML requirements and what must be saved and for how long.
Banks and other financial institutions are required by the Bank Secrecy Act (BSA) to maintain records for various types of transactions. Recordkeeping requirements may differ depending on the type of transaction and the role of the institution in the particular transaction. Failure to comply with applicable recordkeeping requirements can subject a financial institution to monetary penalties and other regulatory consequences. This topic will provide an overview of the BSA's recordkeeping requirements and discuss the requirements for funds transfers, monetary instruments, and certain other types of transactions. This information should help you understand when various types of transactions trigger recordkeeping requirements and what information must be collected and retained.
Learning Objectives
- You will be able to identify the characteristics of the Bank Secrecy Act (BSA)
- You will be able to identify financial institution requirements under the BSA
- You will be able to identify the amendments to the BSA
- You will be able to differentiate between types of monetary instruments
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Agenda
Overview of BSA/AML Recordkeeping Requirements
- Requirements for Banks and Other Financial Institutions
- Nature of Records and Retention Period
- Relevant Regulations and Sources
Recordkeeping Requirements for Funds Transfers
- When Do Funds Transfers Trigger Recordkeeping Requirements?
- What Information Must Be Collected and Retained?
- Institution's Role in the Funds Transfer
- Established vs. NonEstablished Customers
- Exceptions
- FinCEN's Proposed Rule Regarding International Funds Transfers (October 2020)
Recordkeeping Requirements for Monetary Instruments
- When Do Monetary Instruments Trigger Recordkeeping Requirements?
- What Information Must Be Collected and Retained?
- Deposit Accountholder vs. NonAccountholder
- Identity Verification
- Indirect Purchases of Monetary Instruments
Other BSA/AML Recordkeeping Requirements
- Extensions of Credit
- Other Transactions
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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 reviewed on May 11, 2023.
Call 1-866-352-9540 for further credit information.
CPE/NASBA - QAS Self Study 1.6 including Specialized Knowledge 1.6
- 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: 1.6 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 1.6 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
Javier A. Urbina
Skadden, Arps, Slate, Meagher & Flom LLP
- Associate with Skadden, Arps, Slate, Meagher & Flom LLP
- Advises global financial institutions and multinational companies with respect to issues arising under U.S. anti-money laundering and economic sanctions laws
- Extensive experience representing clients on domestic and complex cross-border compliance and enforcement matters, including internal investigations, regulatory examinations, transactional due diligence, voluntary disclosures, monitorships, and the resolution of administrative and enforcement proceedings involving federal and state regulatory and law enforcement agencies
- In addition to representing clients in investigations and contested proceedings, he regularly works with clients to design and implement strong global, regional, and local compliance programs to address requirements imposed by U.S. anti-money laundering laws and economic and trade sanctions regulations
- Advises major companies in the fintech/virtual currency spaces in connection with money transmission and similar licensing requirements, as well as related compliance obligations under applicable anti-money laundering and sanctions regulations
- Recently completed a secondment in the headquarters of a global European-based bank, where he advised on obligations arising from the bank’s sanctions settlements with U.S. federal and state authorities, and assisted in developing and implementing an enhanced global sanctions compliance program
- J.D. degree, with high honors, George Washington University Law School; B.A. degree, University of Pennsylvania
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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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