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This course highlights the process and timing required for detection and reporting.
In 2012, non-bank lenders, including mortgage lenders, were required to comply with provisions of the Bank Secrecy Act and Patriot Act. The rules required implementing an anti-money laundering program that includes the reporting of suspicious activity to the Financial Crimes Enforcement Network (FinCen). This course is designed to help your production staff identify what activities are considered "suspicious" under the law as well as their specific responsibilities when an activity is detected. This course will help you meet the training requirements set forth in the anti-money laundering rules. You will also gain an understanding of the specific sections of the federal laws pertaining to anti-money laundering such as the Bank Secrecy Act and the PATRIOT Act. In addition, you will learn about employee confidentiality and legal obligations as well as all the components of reporting suspicious activity. Topics covered include AML, Currency Transaction Reports (CTR), Suspicious Activity Reports (SAR), BSA, and the PATRIOT ACT.Learn More