Anti-Money Laundering

Awareness Training

XYZ Bank University

Objectives

XYZ Bank University

Recognize key terms of Anti-Money Laundering regulations including the Bank Secrecy Act (BSA), Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT Act), and controls imposed by the Office of Foreign Assets Control (OFAC)sanctions regulations.

Understand XYZ Bank’s obligations under these regulations Identify how AML regulations impact business operations Recognize your duties under XYZ Bank’s AML Policy.

Introduction: Anti-Money Laundering

XYZ Bank University

Because money laundering techniques continue to evolve, there is no single method to detect it in banks and other financial institutions. There are, however, a variety of methods that can be used to identify and prevent money laundering, as well as procedures that must be followed to comply with reporting and record keeping requirements of AML laws, including the Bank Secrecy Act (BSA), the USA PATRIOT Act and other statues and regulations.

XYZ Bank’s AML Compliance Program defines: Procedures to follow when obtaining and verifying a new customer’s

identification

Activities that are considered suspicious, and Suspicious Activity Report (SAR) filing requirements.

Additional recordkeeping and other requirements under the BSA and USA PATRIOT Act.

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What is Money Laundering?

XYZ Bank University

Money Laundering is the process of concealing or disguising the existence, illegal source, movement, destination or illegal application of property or funds obtained from criminal activities and making them appear legitimate.

Most criminal activities are motivated by one thing; money. Money laundering occurs when and individual attempts to use money associated with criminal activity in a legitimate financial transaction

In its simplest definition, Money Laundering is the act of converting “DIRTY” money into “CLEAN” money. PREV NEXT

FAQs: Terrorist Financing

XYZ Bank University

Here are some important FAQs about terrorist financing.

Click the questions below to learn more. Click the Next button when you are done

1. How much money is needed?

2. Where do the funds come from?

3. What kinds of activities are involved?

4. What other organizations may be involved?

5. What other ways do terrorist organizations disguise their activities?

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