Bank Secrecy Act for Managers
55 min! Run Time
Employees
only
of Completion
What you'll learn
Skills covered in this course
Description
Bank Secrecy Act (BSA) training focused on the oversight responsibilities that managers carry within a bank's compliance program.
What this course covers:
- Management's role in overseeing BSA compliance
- Protecting sensitive customer financial data
- Balancing security and privacy after 9/11
- USA PATRIOT Act information-sharing with law enforcement
Built for banking managers responsible for program oversight and information-sharing duties.
System Requirements
See System Requirements in the Coggno Knowledge Base
Author
Bank Secrecy Act for Managers
Every financial institution must build and maintain a Bank Secrecy Act compliance program, and its leaders need to understand how the program works and their role in it.
What this course covers:
- The core requirements of a BSA compliance program
- Required procedures and practices
- The customer identification program
- Conducting customer due diligence (CDD)
Ideal for banking managers and leaders who support and oversee BSA compliance.
Most money now moves electronically rather than as cash, and criminals exploit that speed to launder funds during the layering stage of money laundering.
What this course covers:
- How electronic and wire transfers have replaced cash
- The role of wire transfers in the layering phase of laundering
- How criminals exploit transfer systems
- Staying vigilant against wire-based money laundering schemes
Ideal for banking managers overseeing wire operations and BSA/AML risk.
A money services business (MSB) provides banking-like services, such as check cashing or currency exchange, without accepting deposits, and it carries its own BSA/AML risks.
What this course covers:
- What a money services business (MSB) is and what it does
- How MSBs cash checks, exchange currency, and sell money orders
- How MSBs fit into BSA/AML compliance
- Due diligence for customers who use MSBs
Ideal for banking managers handling customers connected to money services businesses.
Large cash transactions usually trigger a currency transaction report, but Bank Secrecy Act rules allow certain businesses to be exempted from that requirement.
What this course covers:
- When a currency transaction report (CTR) is normally required
- The BSA/AML guidelines for exempting businesses
- Phase I and Phase II categories of exempt businesses
- Which businesses qualify for each category and why
Ideal for banking managers who administer CTR exemptions and BSA compliance.
The USA PATRIOT Act introduced enhanced due diligence for customers who pose a higher risk of money laundering or terrorist financing, requiring a deeper level of review.
What this course covers:
- What enhanced due diligence (EDD) means and where it comes from
- How EDD builds on your customer due diligence (CDD) program
- The customers and organizations that require EDD
- What a deeper risk analysis looks like in practice
Ideal for banking managers and compliance staff conducting high-risk customer reviews.
Real cases make money laundering risks concrete. This course walks through actual laundering schemes drawn from FinCEN, without naming specific people or institutions.
What this course covers:
- Real-life money laundering case studies from FinCEN
- How different laundering schemes played out
- The events and risks behind each scenario
- The consequences institutions and individuals faced
Ideal for banking managers who want practical insight into how laundering happens.
A central goal of the USA PATRIOT Act is to break down the barriers that once kept agencies and financial institutions from sharing information about financial crime.
What this course covers:
- How the USA PATRIOT Act changed what banks can share
- Sharing information with law enforcement and other institutions
- The two types of information sharing under Section 314
- How to identify each type of information request by name
Ideal for banking managers responding to information sharing requests.
Frequently Asked Questions
It focuses on the oversight responsibilities managers carry within a bank's Bank Secrecy Act compliance program, rather than frontline transaction duties.
Yes, it covers protecting sensitive customer financial data, a responsibility tied directly to management's oversight role.
It covers balancing security and privacy after 9/11, framing today's BSA oversight duties within that shift in regulatory priorities.
It covers USA PATRIOT Act information-sharing with law enforcement, a duty specific to managers overseeing a bank's compliance program.
It's built for banking managers responsible for program oversight and information-sharing duties, not entry-level customer-facing staff.
Certain customers and transactions carry a higher risk of money laundering, and regulators expect managers to know the red flags that call for a closer look.
What this course covers:
Ideal for banking managers and compliance leaders overseeing BSA/AML programs.