This training is designed to provide the Board of Directors with an understanding of the Bank Secrecy Act and OFAC compliance requirements, and includes a review of the Boards involvement in the establishment of a BSA Program, the ins and outs of Currency Transaction Reporting, Currency Transaction Reporting Exemptions, a discussion of Money Laundering, Suspicious Activity Reporting, BSA Recordkeeping requirements, Customer Identification Program, and Due Diligence requirements, FinCEN 314(a) and 314(b) information sharing, OFAC, and penalties for non-compliance with the Bank Secrecy Act and OFAC.

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