When you register for this 90-minute session, you will receive a complimentary Toolkit with the following items:
(1) 4 Lists of Red Flags for Terrorist Financing
(2) Appendix S: Key Suspicious Activity Monitoring Components
(3 )Filing Procedures for Suspicious Activity Reports
(4) Information About the Safe Harbor for FIs From SAR Civil Liability
Question: Why do the Director of the Financial Crimes Enforcement Network (FinCEN) and the Deputy National Security Advisor for Combating Terrorism believe your bank or credit union is critical in the fight against and, ultimately, the defeat of terrorist groups such as ISIS and al-Qa'ida?
Answer: Because your Bank Secrecy Act (BSA) reports play an essential role in helping regulators identify the suspicious financial activity of foreign terrorist fighters.
But terrorism financing isn't the only reason your bank or credit union must be diligent and vigilant in monitoring and reporting suspicious activity. During the course of day-to-day operations, employees at your branch(es) may observe unusual or potentially "suspicious" activity, which they are required by federal regulations to detect and report. Suspicious activity reporting (SAR) forms the cornerstone of the BSA reporting system.
This session will answer the following queries:
= How can BSA reports filed by my institutions identify suspicious activity, which may be related to the funding of terrorism?
= What are examples of suspicious activity? Insufficient or Suspicious Information (Documents cannot be verified; multiple tax ID numbers; large cash transactions without history of prior business experience); Avoiding Recordkeeping Requirements; Inconsistent Business Activity (For example, currency transactions change in number, type, or volume);
= What suspicious activities may indicate terrorist financing? The use of: an ATM; a money services business; or, a depository institution to send or receive funds to facilitate travel to countries with known ties to terrorism.
= How can I talk to my customer about currency transactions without getting into a "felony moment"?
=The money smells like marijuana. Is this something I should be concerned about?
= The customer told me that she is hiding money from the IRS, should I report this to FinCEN?
= What are the Red Flags for Elder Abuse and how do they relate to the BSA?
= What are commons lending and mortgage scams?
= What are the Red Flags for Identity Theft?
= When should personnel report suspicious activity to the BSA officer? How should this information be communicated?
= Are "bizarre" transactions considered "suspicious"? For example, if a customer washed, then ironed, money, would I need to report this activity?
= Are safe deposit transactions required to be reported under the BSA? For instance, if personnel counts out $15,000 (cash) for a customer, who then locks the money in his/her safe deposit box, is the bank required to file a SAR?
=Are we required to inform on the BSA Officer that the identification and TIN did not match if we did not book the mortgage loan?
Who Should Attend
This session is designed to help your BSA Officer complete his or her BSA training for AML compliance.
Likewise, this webinar will benefit those who work directly with customers, such as:
- New Accounts personnel
- Branch Managers
- Loan Officers, and
- Call Center staff.