BSA and OFAC Compliance – Staff Training

This presentation provides staff with an understanding of the Bank Secrecy Act and OFAC compliance. The presentation includes a review of BSA Program requirements, the ins and outs of Currency Transaction Reporting, Currency Transaction Reporting Exemptions, a discussion of Money Laundering, Suspicious Activity Reporting, Red Flags related to all aspects of daily operations, BSA Recordkeeping requirements, including monetary instrument and funds transfer recordkeeping, 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.