This course provides a working knowledge of the Bank Secrecy Act (BSA). It covers various currency-reporting requirements. The course also reviews the importance of knowing customers, and properly verifying their identities, in order to detect and report suspicious activity. The purpose of the BSA is to help combat money laundering and other illegal financial activity (see complete description below).
Course Description and Audience
This course provides a working knowledge of the Bank Secrecy Act (BSA). It covers various currency-reporting requirements. The course also reviews the importance of knowing customers, and properly verifying their identities, in order to detect and report suspicious activity. The purpose of the BSA is to help combat money laundering and other illegal financial activity.
Course Objectives
- Recognize the underlying purpose and key terms of the Bank Secrecy Act.
- Verify the identity of customers as required by Customer Identification Program (CIP) requirements.
- Identify reportable currency transactions.
- Recognize information needed to properly complete a Currency Transaction Report (CTR).
- Identify wire-transfer reporting requirements.
- Identify some common money laundering schemes.
- Spot suspicious transactions and take appropriate action.
Audience: This course is designed for tellers, customer service representatives, personal bankers, new account personnel, managers, and anyone who handles cash.
Diploma and Certificate Applications