Compliance

COURSE LENGTH: 30 MINUTES

Records are critical to every organization, and the information that is gathered is extremely valuable. You save it, print it, file it and store it—but rarely do you ever get rid of it. The volume of business records often gets so large that it becomes difficult or impossible to find important pieces of information when needed. The costs of preserving records also can be high. Additionally, the Bank Secrecy Act (BSA) requires that certain records be maintained depending on the type of money services business (MSB) that creates them. This course explains the importance of managing records as well as the importance of a records management role. Upon completion of this course, students will be able to identify the basic requirements of records management, explain the importance of records management and penalties for failing to comply with your company’s policies, recognize what comprises a record and in what formats records may exist, and define the specific BSA and anti-money laundering (AML) recordkeeping requirements for different types of MSBs.

COURSE LENGTH: 30 MINUTES

Registration requirements exist, but do you know the nuances of them? This course provides a look at how the Financial Crimes Enforcement Network (FinCEN) is tracking and monitoring the existence and activities of money services businesses (MSBs). It includes an introduction to the registration process and provides answers to some common questions. Upon completion of this course, students will be able to distinguish the type of business activities that require registration with FinCEN, describe the initial registration process (which includes knowing the initial registration period, understanding the timing requirements and completing FinCEN form 107), understand when renewals are required and when they should be filed with FinCEN, recall the events that trigger reregistration with FinCEN, be familiar with documentation requirements as well as the maintenance of the MSB agent list, as applicable, and understand the civil and criminal penalties for violation of the registration requirement.

COURSE LENGTH: 30 MINUTES

Money laundering is one of the most serious financial crimes in the United States and can put even the smallest businesses at risk, making this course a must-have for anyone involved in any aspect of a money services business (MSB). This course provides a solid overview of anti-money laundering (AML) including definitions, examples, laws, policies, procedures and more. It provides essential knowledge on AML and explains how to protect yourself and your business. Upon completion of this course, students will be able to understand the concepts of money laundering and terrorist financing, recognize the significant AML laws passed by Congress to combat money laundering and terrorist financing, and become familiar with a risk-based approach to AML programs. This course also recalls the four pillars of a BSA/AML compliance program, defines the various Bank Secrecy Act (BSA) requirements for MSBs, and explains the corresponding policies and procedures MSBs need to develop and implement.

COURSE LENGTH: 60 MINUTES

The Bank Secrecy Act (BSA) may be the most familiar (and most talked about) law related to money services businesses (MSBs) and the banking industry as a whole. Don’t be left in the dark! Whether you are a frontline employee, business owner, or a large corporation—BSA is vital. In this course, you will learn the purpose of the law, the necessary definitions, the federal enforcement agencies, and the importance of a Customer Identification Program (CIP). This course also covers the requirements of a BSA/anti-money laundering (AML) compliance program. Upon completion of this course, students will be able to define money laundering and terrorist financing, describe the BSA and how it helps fight money laundering and other financial crimes, understand who the Financial Crimes Enforcement Network (FinCEN) is and its role in enforcing the BSA, define the BSA requirements for MSBs, recall the four pillars of a BSA/AML compliance program, recognize the importance of a Customer Identification Program (CIP) and when it is required for MSBs who are also providers of prepaid access, explain the reporting and recordkeeping regulations for MSBs under the BSA, and list exemptions to the BSA recordkeeping regulations.

COURSE LENGTH: 90 MINUTES

This course reviews the basic requirements of a Customer Identification Program (CIP) as prescribed by the USA PATRIOT Act. It explores the relationship between a CIP and your institution’s anti-money laundering (AML) program, explains how to verify the identity of customers, and describes how to respond to identity-verification problems.

COURSE LENGTH: 30 MINUTES

Customer Due Diligence (CDD) is a critical part of your institution’s Bank Secrecy Act (BSA) and anti-money laundering (AML) policies. This course discusses the purpose of CDD guidelines, and the basic way CDD can help you to know your customer, assess risk, and decide when Enhanced Due Diligence (EDD) may be necessary. Employees must know how and when to apply appropriate CDD and EDD procedures. This course explains the basics of CDD and EDD, and provides opportunities to practice what you have learned in two scenario activities.

COURSE LENGTH: 60 MINUTES

Providing a prompt service solution is only one part of the customer service equation. Research has shown that customers want a quick solution, but they also want to be treated in a caring manner while their issues are being addressed. Upon completion of this course, students will understand the importance of genuine and interactive communication in strengthening customer relationships.

COURSE LENGTH: 60 MINUTES

The Financial Crimes Enforcement Network (FinCEN) says that suspicious activity reporting (SAR) forms the cornerstone of the Bank Secrecy Act (BSA) reporting system, and it is one of the key areas of a money services business (MSB) examination. This course helps to ensure SAR knowledge as it reflects the requirements that have been set forth by federal agencies. This course also explains SAR reporting and how it impacts your business. Upon completion of this course, students will be able to define suspicious activity and suspicious activity reporting, list several types of suspicious activity and provide examples, discuss the reporting requirements concerning suspicious activity, complete a SAR to be e-filed with FinCEN, and identify suspicious activity correctly and respond appropriately.

COURSE LENGTH: 30 MINUTES

Risk is a significant term to not only understand but to act upon in the money services business (MSB) industry. This course provides a necessary overview of the risk-based approach to an effective BSA/AML compliance program. It is important. It is necessary. Upon completion of this course, students will be able to recognize the importance and advantages of the risk-based approach, recall the four pillars of an effective BSA/AML compliance program, understand the purpose and benefits of a risk assessment, be familiar with the key risk categories, describe various applications that result from the risk assessment process, and recall best practices for documenting the risk assessment process.

COURSE LENGTH: 60 MINUTES

This course tunes in to the latest security threats that are sweeping financial institutions, and explains how to protect your organization and customers from con artists.

COURSE LENGTH: 30 MINUTES

Transactions are the livelihood of a business. Without transactions, there is no business, and it only takes one unusual or fraudulent transaction to cause significant harm. Transaction monitoring is a formal Bank Secrecy Act (BSA)/anti-money laundering (AML) requirement and includes several facets. This course helps to uncover the essentials of transaction monitoring. Upon completion of this course, students will be able to understand what AML transaction monitoring is, recognize the purpose and importance of AML transaction monitoring, recall the different methods involved in monitoring transactions, be familiar with how risk influences the frequency of transaction monitoring, and understand what “red flags” are and how they can help you identify unusual activity.

COURSE LENGTH: 45 MINUTES

This course is designed to reframe your view on identity theft crime and prevention. Hear excerpts from the BankersEdge course “Pretext Calling and Identity Theft” about security threats posed by identity theft, and learn more about the identity theft prevention program designed by the Federal Trade Commission (FTC).

COURSE LENGTH: 60 MINUTES

This course will offer a review of the Office of Foreign Assets Control, the Bank Secrecy Act, the Truth-in-Lending Act, the Equal Credit Opportunity Act, and the Gramm-Leach-Bliley Act, and will allow students to explore how each plays a part in the safety and success of transactions with consumers.

COURSE LENGTH: 90 MINUTES

This course will offer a review of the Office of Foreign Assets Control, the Bank Secrecy Act, the Truth-in-Lending Act, the Equal Credit Opportunity Act, and the Gramm-Leach-Bliley Act, and will allow students to explore how each plays a part in the safety and success of transactions with consumers.

COURSE LENGTH: 60 MINUTES

Whether you are a bank teller, or you manage a team of tellers, keeping your money-handling skills sharp is essential. This course reviews the proper way to handle cash.

COURSE LENGTH: 60 MINUTES

Front-line money services business (MSB) employees are critical to the protection of your business. Faced with a multitude of daily tasks and transactions, front-line employees need to know when and how to sound the internal alarms when a suspicious transaction occurs. Do your front-line employees know the three steps generally involved in the money laundering process? Do they know the red flags to look out for? This valuable course explains money laundering and its effect on the economy, government, and MSBs, defines the steps in the money laundering process, identifies methods and tactics used by money launderers, and defines what you can do to help detect money laundering at your company.

COURSE LENGTH: 30 MINUTES

The Office of Foreign Assets Control (OFAC) is an important agency all money services business (MSB) owners and employees should be familiar with. Regulations imposed by OFAC, among other things, block or restrict MSBs from financial transactions with foreign persons, countries, or entities that are known, or suspected to have, ties to terrorist activity or drug trafficking. No matter the size or footprint of your business, this course is a must-have for compliance managers and business owners. Upon completion of this course, students will be able to explain what OFAC is, define the underlying purpose of OFAC requirements (including what parties are affected and who is required to comply with the requirements), describe the specific actions for blocking and rejecting that may be taken if a party is restricted by OFAC, recall the compliance practices, reporting, and recordkeeping that are required under the OFAC regulations, and explain the penalties for noncompliance.

COURSE LENGTH: 60 MINUTES

Currency Transaction Reporting (CTR) is not only a requirement of the Bank Secrecy Act (BSA), it is listed as a key examination topic for money services business (MSB) audits. Do you know the transaction thresholds that require this type of reporting? Are you accountable? This course describes the top five things you need to know about this BSA requirement. Upon completion of this course, students will be able to describe CTR, distinguish the criteria between a reportable transaction and a non-reportable transaction, use mandatory information to complete CTR form 112 required to be e-filed with FinCEN, understand what records must be maintained for the issuance and sale of monetary instruments between $3,000 and $10,000, and define record retention requirements.

COURSE LENGTH: 60 MINUTES

This course helps to ensure your institution’s procedures are compliant with the Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) and Regulation AA.

COURSE LENGTH: 60 MINUTES

In this course, students review risk factors associated with wire transfer activity, and discover ways to help their financial institution avoid involvement in illegal wire transfer activity.