Money laundering is the criminal practice of filtering "dirty" money through a series of transactions, so the funds are "cleaned" to look like proceeds from legal activities. The Currency and Foreign Transactions Reporting Act, also known as the Bank Secrecy Act (BSA), and its implementing regulation, 31 CFR 103, is the main regulatory tool the U.S. government uses to fight drug trafficking, money laundering and other crimes. Law enforcement agencies and financial services organizations of all sizes must be conversant with the letter of this law.
Whether you're a banking executive filing a Suspicious Activity Report, a compliance officer monitoring BSA compliance or a government agent assigned to investigate money-laundering crimes, this BSA overview is applicable.
In this session, Kevin Sullivan, a former investigator with more than 20 years experience in anti-money laundering (AML), shares his insight and understanding of AML legislation, including:
- Money Laundering Control Act;
- Annunzio Wiley Act;
- Money Laundering Suppression Act;
- Wire Transfer Regulations;
- Patriot Act.
In addition to walking through these regulations, Sullivan will discuss money-laundering penalties, the basics of an AML program, as well as regulations governing the establishment of Customer Identification Programs (CIP), which organizations must implement for identifying and verifying the identity of customers.
This legislative overview is a perfect introduction to the basics of Anti-Money Laundering.