This BSA webinar will discuss best practices of development, maintenance and auditing of the Bank Secrecy Act. Common and legal identifiers and red flags, the sources of audit evidence, steps of conducting internal investigation, elements to establish evidence of laundering.
Why Should You Attend:
In recent years, the reports and records prescribed by the BSA have also been utilized as tools for investigating individuals suspected of engaging in illegal drug and terrorist financing activities and other Money Laundering activities.
Money laundering involves the processing of a financial transaction representing the proceeds of unlawful activity in such a manner to conceal the nature, source, or ownership of the proceeds or to avoid a legal requirement to report such a transaction.
This form of fraud differs in many ways from traditional banking fraud since the financial institution is not itself the target; nor are the organization’s customers. Rather it involves the use of the organizational environment and infrastructure to carry out an illegal activity.