Basics of The Bank Secrecy Act

Course Description:

The "Bank Secrecy Act" or "BSA" requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering.

This session will outline the Basics of BSA, what it means to financial institutions and how to apply the processes behind BSA to ensure compliance. Included are details of the The Five Requirements of the Bank Secrecy Act (1) Establish BSA Compliance Program (2) Effective Due Diligence and Monitoring (3) Screening (OFAC) (4) Effective Suspicious Activity Monitoring and Reporting Process (5) Develop Risk Based AML Programs


Why Should You Attend?

Discussion will include details on how the act requires financial institutions to keep records of cash purchases of negotiable instruments and file reports of cash transactions exceeding $10,000 (daily aggregate amount), including reporting suspicious activity that might signify money laundering, tax evasion, or other criminal activities. Details will reference what it means to you with regards to The Bank Secrecy Act being sometimes referred to as an anti-money laundering law (AML) or jointly as BSA/AML and how provisions within Title III of the USA Patriot Act of 2001 regarding AML have been enacted to amend the Bank Secrecy Act.


Areas Covered in the Webinar:

  • Due Diligence Process for Customers
  • Customer Identification Program (CIP)
  • Transaction Reporting
  • Suspicious Activity Reporting (SAR)
  • Information Sharing
  • Screening Details (OFAC)
  • Training, Testing and Record Retention
  • PLUS – Related News and Issuance from the OCC (Office of the Comptroller of the Currency) -- Bulletins issued in 2021


Who Will Benefit:

  • Bank operations staff
  • Risk, Compliance and Audit personnel
  • Bank managers and payment professionals
  • CEO’s and CFO’s

Our Speaker

Donna K Olheiser

Donna founded Dynamic Mastership, LLC in December 2014 in an effort to utilize her 24+ years’ experience in the financial services industry, by sharing her passion for training financial institutions and organizations on the Rules and processes for electronic payments (with her specialty being ACH payments). She holds the Accredited ACH Professional (AAP) designation (achieved in 2004). Donna’s experience before founding Dynamic Mastership, includes 9 years' serving as the Education Service Director at a Regional Payments Association (RPA), where she managed and facilitated the entire Education program for nearly 800 financial institution members. Prior to that, Donna spent 14 years with the Federal Reserve Bank of Minneapolis in various departments, where she started her training career as the Training and Development Specialist in 2003.

Donna is a certified Master Trainer who continually uses her extensive knowledge, experience, enthusiasm and passion for transferring payment processing details, while using the adult learning theory is remarkable! Her training style has helped many payment professionals remain consistently informed of the NEW and ever-changing NACHA Operating Rules and explaining how the Rules apply when performing daily operational tasks including complex return and exception processing. She incorporates scenarios and examples in her detailed training, so the Rules are easy to comprehend and apply to real-life day-to-day ACH processing. Donna's ability to engage the learner through the entire training event helps the adult learner apply what they've learned during and after each training session.

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