Anti-Money Laundering Regulations (BSA, USA PATRIOT, and OFAC) for Consumer Lenders
This course will address the role consumer lenders play in reporting transactions as required by BSA and the USA PATRIOT Act. Students will learn the primary purpose of the BSA which is to enable the federal government to assist in the prevention of the involvement of U.S. banks in laundering money obtained through illegal activities. The course also discusses the federal law enacted after September 11, 2001 the USA PATRIOT Act which addresses the role banks play in reporting potential terrorist financing transactions. Finally, the course covers the role consumer lenders play in assisting OFAC in identifying entities and individuals prohibited from doing business with the U.S.
| Price | $50 Nonmembers / $35 Members |
| Course Credits | AIB: 0 ; ICB: 0 |
| Prerequisites | None |
| Required Software | None |
| Optional Software | Adobe Acrobat Reader and RealPlayer |
Audience
Consumer lenders.
Learning Objectives
After completing this course, students will be able to:
- Describe the role of the lender in meeting the requirements of the BSA and the USA PATRIOT Act
- Explain how "know your customer" affects lending transactions
- Describe the purpose of the Specially Designated Nations (SDN) and Blocked Persons list
- Describe how to handle a match name and blocked funds
Enrollment: To enroll in this course, please click on the link below for the registration form. Print and complete the form and submit it to your supervisor for approval. Then submit the approved form to your human resources department for processing.