BSA Requirements for CSOs

Course Outline

Seat Time: 3hrs 

This course will discuss the Bank Secrecy Act and the importance of the responsibilities for CSOs. The learner will be exposed to different means of reporting. After completing the program, the learner will be able to:

• Differentiate between Suspicious Activity Reports, Monetary Instrument Logs, and Currency Transaction Reports.
• Utilize customer identification procedures.
• Recognize potential red flags and suspicious activity.

Course Topics

T1. Bank Secrecy Act: This topic will educate the learner on the recent progress of money laundering detection and prevention, the purpose of the Bank Secrecy Act (BSA), and information regarding the penalties for violating the BSA.

T2. Currency Transaction Reports (CTRs): This topic will inform the learner about the use of Currency Transaction Reports (CTRs), Bank Secrecy Act (BSA) definitions of currency transactions, multiple transactions, completing a CTR, CTR exemptions, exempt and non-exempt businesses, and designating CTR exemptions.

T3. Filing a CTR Overview and Demo: This topic will provide the learner with detailed information and graphics of a CTR and will demonstrate how to properly fill out a CTR.

T4. Completing a CTR Assessment: This topic will provide the learner with the opportunity to complete a CTR on their own using the provided information.

T5. Suspicious Activity Reports SARs: This topic will inform the learner on reporting suspicious activity, when to file a Suspicious Activity Report (SAR), examples of suspicious situations, completing a SAR, exceptions, and confidentiality of SARS.

T6. Filing a SAR Overview and Demo: This topic will provide the learner with detailed information and graphics of a SAR and will demonstrate how to properly fill out a SAR.

T7. Completing a SAR Assessment: This topic will provide the learner with the opportunity to complete a SAR on their own using the provided information.

T8. Monetary Instrument Purchases: This topic will educate the learner about reporting detailed records of all cash purchases of monetary instruments to the government, the Bank Secrecy Act (BSA) definitions of money instruments, multiple purchases and transactions, and recording monetary instrument purchases.

T9. Funds Transfers: This topic will explain how funds transfers are essential tools of the global financial community, parties of transfer, using correspondent institutions, and funds transfer systems.

T10. Customer Identification Program: This topic will educate the learner about identifying customers, the purpose of a Customer Identification Program (CIP), verifying customersÆ identities, obtaining required identifying information about a customer from a third-party source when establishing a credit card account, and record keeping procedures.

T11. USA PATRIOT Act: This topic will educate the learner on the provisions and background of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act, amendments to the Bank Secrecy Act (BSA), primary money laundering concerns, and the reauthorization of the USA PATRIOT Act.

T12. CSOs: Your Role in BSA: This topic will familiarize the learner with his/her role and responsibilities as a CSO at the institution in regard to ensuring compliance with the BSA.