Standard Tuition $400 US
Senior Fellow Salvatore Scotto, CEO, Sanctions Forensics & FCC Advisory Services
The Bank Secrecy Act (“BSA”), USA Patriot Act and International Sanctions program is intended to provide an overview and analysis of the aforementioned topics as they relate to Financial Institutions. The instruction material has been assembled to provide an overview of the evolution of the BSA, the impact of the USA Patriot Act , US and international sanctions programs. The program will discuss key legislative components, what it means to a Financial Institution Compliance program and the consequence of associated with non-compliance. The program will also provide insight on Regulatory expectations in respect to client monitoring and screening, client & transaction scanning for sanctions nexus, BSA and OFAC reporting and/or required actions such as blocking. To further enhance the course, real life case studies will be discussed.
This course attempts to provide a practical context for understanding how the basic Bank Secrecy Act requirements examined in Part I operate in the real world.
The course begins with a survey of the most prominent themes in recent BSA enforcement actions, to identify regulatory priorities and how they influence the way financial institutions structure and operate their AML programs.
Next, the course looks at the role of the Financial Action Task Force in promulgating international anti-money laundering standards, with a focus on the impact of this process on American regulations and the ways in which AML compliance staff can use the FATF mutual evaluations in their programs.
The course ends with a review of the sanctions programs administered by the Office of Foreign Assets Control, part of the U.S. Treasury, which are frequently handled by AML staff in financial institutions, even though this is not part of the BSA.
The Student will master:
- Understanding the impact of the USA Patriot Act.
- Overview of key legislative components.
- Effects on a Financial Institution Compliance program.
- Non-Compliance consequences.
- Expectations of various Regulatory Agencies for proper transactional monitoring and screening.
- Anti-money laundering regulation and the legal regime,
- The compliance officer’s role in ensuring compliance,
- The consequence of non-compliance,
- The basics, the history and the frame work of BSA/AML legislation,
- Understanding the Office Foreign Assets Control,
- Elements for BSA/AML Compliance program, and
- Summary of Recent Enforcement Cases.
- Case studies review.
Senior Fellow from Practice:
- Salvatore Scotto, CEO, Sanctions Forensics & FCC Advisory Services
- David B. Chenkin, Esquire, Managing Partner, Zichner Ellman & Krause
- Polly Greenberg, JD, Managing Director, Duff & Phelps
- Michael Zytnick, JD, Counsel & Senior Advisor, Group Legal-Group Dispute Resolution, Legal Financial Security, BNP Paribas
Credit Hours: 6
Subject Area: Professional Practice
States: Contact Curriculum Advisor For More Information
Credit Hours: 9
Subject Area: Accounting
States: Contact Curriculum Advisor For More Information
Course ID Number: 8061
Alabama: Approval of all web based programs is limited to a maximum of 6.0 credits.
Arizona: Does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. RCA programs may qualify for credit based on the requirements outlined in the MCLE Regulations and Ariz. R. Sup. Ct. Rule 45.
Iowa: The approval is for one year from recorded date. Does not approve of Audio-only On-Demand Webcasts.
Missouri: On-demand web programs are restricted to six hours of self-study credit per year. Self-study may not be used to satisfy the ethics requirements. Self-study can not be used for carryover credit.
New Hamphsire: The approval is for three years from recorded date.
New Mexico: On-Demand web programs are restricted to 4.0 self-study credits per year.
New York: Newly admitted attorneys may not take non-traditional course formats such as on-demand Web Programs or live Webcasts for CLE credit. Newly admitted attorneys not practicing law in the United States, however, may earn 12 transitional credits in non-traditional formats.
North Carolina: A maximum of 4 credits per reporting period may be earned by participating in on-demand web programs.
Ohio: To confirm that the web program has been approved, please refer to the list of Ohio’s Approved Self Study Activities at http://www.sconet.state.oh.us. Online programs are considered self-study. Ohio attorneys have a 6 credit self-study limit per compliance period. The Ohio CLE Board states that attorneys must have a 100% success rate in clicking on timestamps to receive ANY CLE credit for an online program.
Oklahoma: Up to 6 credits may be earned each year through computer-based or technology-based legal education programs.
Pennsylvania: PA attorneys may only receive a maximum of four (4) hours of distance learning credit per compliance period. All distance learning programs must be a minimum of 1 full hour.
Rhode Island: Audio Only On-Demand Web Programs are not approved for credit. On-Demand Web Programs must have an audio and video component.
Tennessee: The approval is for the calendar year in which the live program was presented.
Virginia: All distance learning courses are to be done in an educational setting, free from distractions.
Wisconsin: Ethics credit is not allowed. The ethics portion of the program will be approved for general credit. There is a 10 credit limit for on-demand web programs during every 2-year reporting period. Does not approve of Audio-only On-Demand Webcasts.
Iowa, Mississippi, Oklahoma, and Wisconsin DO NOT approve Audio Only On-Demand Web Programs.
If you have already received credit for attending some or the entire program, please be aware that state administrators do not permit you to accrue additional credit for repeat viewing even if an additional credit certificate is subsequently issued.
If applicable, the RCA will apply for credit in your state upon request.