Red Flags for money laundering and many other crimes are issued by FinCEN (US Treasury) and followed by our financial institution to identify crime. Learn some of the basic red flags that we look for and what they mean and what action our institution might take.
Archives
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Preventing Human Crimes
Our role in the financial institution is to prevent financial crimes. This can encompass many human crimes like human trafficking, human smuggling, elder fraud and more. Our anti-money laundering programs including technology are getting good at generating alerts for this type of activity. Learn more about the financial institution’s role.
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Recordkeeping
Two huge pieces of recordkeeping—the monetary instruments and funds transfers. It is an older part of the BSA program and serves as a deterrent to criminals who would prefer their identities to be kept secret. During the Talk, our directors will learn how this works in our BSA program.
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Suspicious Activity Reports
The backbone of BSA, the SAR starts with alerts and then into investigations, then to SAR. It is often a complex and confidential process of identifying suspicious transactions for the financial institution. Learn how this decision making process works and how the financial institution contributes to preventing financial crimes.
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Currency Transaction Reports
We file both CTRs and SARs in our reporting piece of BSA. The CTR is the oldest piece of BSA work and tracts cash in and cash out over $10,000. This information is gathered by tellers and submitted by the BSA Department takes a great deal of time for our front line staff and BSA Department.
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Customer Due Diligence
Customer Due Diligence is a program which includes beneficial ownership verification. We ask purpose, source and transactional questions to understand how our account holder plans to use the account. Combined with CIP, CDD is a powerful tool to Know Your Customer.
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Customer Identification Program
Effective 10-1-2003, the Customer Identification Program is a foundational piece of any Know Your Customer Program. It is a one-time on the way in identification and verification of our account holders. Your Board will learn about identification and verification of account holders.
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Four Pillars
Our BSA programs include four pillars of the program: Audit, Internal Controls, BSA Officer and Training. These foundational parts of our BSA and OFAC programs set up by the risk assessment then flow to the rest of the BSA and OFAC compliance program.
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Risk Assessments
During the risk assessment Talk, the Board will learn how we analyze risks for financial crimes. The fluid nature of risk assessments and how we change our risk assessments as the financial institution grows, changes technology and geography.
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Overview
This program is an overview of the components of BSA. Starting with risk assessments, the pillars, the core of the program. Your Board will come to understand how extensive nature of BSA and OFAC programs.