Anti Money Laundering and Suspicious Activity Reporting Training

The Financial Crimes Enforcement Network (FinCEN) has issued rules requiring banking institutions to apply anti-money washing (AML) programs to assist curtail suspicious financial activity as it requires transactions like mortgages.

FinCEN has finalized rules that need non-bank residential mortgage brokers and originators develop anti-money washing programs and file suspicious activity reports (SARs) as FinCEN has typically needed other kinds of banking institutions to complete.

Similar to the Ftc (Federal trade commission) Warning Flags Rule and Harsh-Leach Bliley (GLB) Safeguard Rule needs, the Anti Money Laundering (AML) plan will change for each company as all companies vary according to size, scope, complexity. Quite simply, plans won’t be identical. Financial Strategies AML / SARS training program accomplishes one of the 4 minimum needs underneath the new rules:

the introduction of internal policies, procedures, and controls

the designation of the compliance officer

a continuing worker training course and

a completely independent audit function to check programs.

This program can give an introduction to the alterations for non-bank lenders and originators and can be used helpful tips for creating internal procedures and policies in addition to appropriate tools required to monitor employee’s compliance. Incorporated is really a short exam to accomplish just before certification.

Individuals who’re exempt from all of these requirement are listed below:

Agency of america government, condition, or municipality conducting business as 31 U.S.C. 5312(a)(2)


Travel agent

Telegraph company

Seller of vehicles, aircraft, motorboats

Part of property closings and settlements

Private banker

Commodity pool operator/buying and selling consultant

Investment company

Bank not susceptible to regulation by federal functional regulator

Persons described in section 1010.100(t)(7)

You might investigate the above pointed out laws and regulations around the FDIC site.

Individuals who aren’t exempt must create a written AML program to avoid money washing or financing of terrorist activities. This program must incorporate policies, procedures and internal controls in compliance with FinCEN rules. Additionally, a compliance officer should be designated for the organization.

On-going training and program maintenance should be performed in compliance with schedules mandated by FinCEN. Testing and monitoring from the program should also maintain compliance with FinCEN. Non-compliant entities might be in breach of BSA.

Companies must develop an AML program by August 13th, 2012. Failure to accomplish an AML program may constitute a breach of BSA.

Professionals working in the banking or any other financial field should consider enrolling for the comprehensive anti-money laundering course offered by the reputed Opus Kinetic team dedicated to providing knowledge through empowerment. This course primarily helps supervisors understand and assess money laundering and terrorism financing risks.

Related Articles

Back to top button