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Bank Secrecy Act: The Fundamentals - CIP, CDD, EDD, CTR and Current Issues - Webinar (Recorded)

  • Webinar

  • 60 Minutes
  • September 2018
  • Compliance Online
  • ID: 4900031
Why Should You Attend:

Money laundering continues to be a national concern. High levels of drug-related activity and violence have drawn additional attention. Terrorist activities need to be considered as well. Perpetrators have adapted to banks’ efforts so banks cannot combat the money laundering with yesterday’s methods. Software is widely installed to identify specific patterns and “unusual” transactions. But the fraudsters know this and are constantly striving to create new patterns where their transactions are designed not to be flagged. Like in a game of chess, the advantage goes to the side that thinks the most moves ahead.

This webinar will provide valuable assistance to all personnel with AML responsibilities in banks or other financial institutions:

Compliance with regulatory requirements
Designing controls and compliance
Detecting money laundering attempts
Managing the Investigating of AML alerts
Analyzing controls improvement options
Understanding money launderers’ strategies and techniques
Areas Covered in the Webinar:

The Bank Secrecy and USA PATRIOT Acts
Know Your Customer (KYC)
Currency Transaction Reports (CTRs)
Suspicious Activity Reports (SARs)
New Customer Due Diligence requirements
Steps are specifically required by the regulations
Analytic engines
AML and Fraud overlaps
Adaptation by perpetrators
False Positive Problem
The New Customer Due Diligence requirements
Three covered entity types
Customer legal entity
Beneficial owners
Controlling persons
New Requirements
Risk profiles
Baseline/normal transactions
Transaction monitoring
Money Laundering Strategies and Techniques


Jim George is an independent consultant to banks focusing on issues of fraud. He has over 25 years’ experience as a consultant to major banks in associate partner and principal roles at PriceWaterhouse-Coopers Consulting, IBM Consulting in Bank Risk and Compliance, and Andersen Consulting (now Accenture). He has also been SVP Operations for a Fortis-US division providing outsourcing services to the banking industry.

His work includes projects in fraud investigation, fraud prevention, identity issues, compliance, and AML (anti-money laundering). Mr. George’s background also includes work in bank operations and payments strategy, reengineering, systems, and quality improvement.