Bank Secrecy Act & Beyond: Understanding Currency and Monetary Reporting Requirements

Duration: 90 Minutes
The webinar will provide an overview of the currency and monetary reporting requirements imposed by the Bank Secrecy Act. It will also discuss Red Flags that pose present and future challenges for regulated businesses. Recognizing and investigating suspicious activities is the key in safeguarding an organization's financial system from illicit use and combating money laundering. Timely and accurate reporting will promote national security through the collection, analysis, and dissemination of financial intelligence to the proper authorities. Organizations have suffered irreparable reputational damage and have had to pay exorbitant regulatory fines in the millions for failing to implement an effective BSA/AML program.
Monetary Reporting Requirements
Product ID: 501800
In addition, we will also discuss the current changes in the marketplace and expose the new faces of AML and examine areas of Politically Exposed People (PEPs) regulation that pose present and future challenges for regulated businesses.

Objectives of the Presentation
In accordance with regulatory obligations, there are strict reporting procedures in place to minimize the risk that could be used for money laundering purposes including:
  • Where CTR, SAR and STRs fit within BSA/AML Compliance Management?
  • SAR preparation and reporting
  • SAR perceptions and realities
  • Best Practices in SAR reporting
  • Knowing your customer (KYC)
  • Beneficial owners
  • Proper identification of your clients and vendors
  • How digitization has changed movement of money
  • AML compliance and Digital Currencies
  • Monitoring, investigating and reporting suspicious transactions
Why Should you Attend
At the heart of the Bank Secrecy Act (BSA) and the core of any good Anti Money Laundering (AML) program is the Suspicious Activity Report (SAR), which all financial institutions - banks, credit unions, brokers, casinos, insurance companies, etc. - must file when confronting questionable transactions. SARS are a crucial part of any kind of anti-money laundering investigation. However, SARS often are perceived by banks as a nuisance and it all start with confusion over what constitutes suspicious and exactly how much information is necessary to include in the SAR. Add to that reporting deadlines, and mandatory reviews and internal logs describing why you didn't complete a SAR, and then the frustration reaches the erroneous perception that the SARS fall into this black hole after they leave your desk.

Participants will learn about specific reporting requirements that affect clients and businesses with transactions that involve cash and cash equivalents, as well as the growing potential exposure for those clients who are not in compliance. The presentation will provide both a "101" overview and offer some advanced insights into reporting compliance, and will cover the important and relevant reporting forms, including: Currency Transaction Reports ("CTRs"), Form 8300, Suspicious Activity Reports (SARs), and the Report of Foreign Bank and Financial Accounts (FBARs), among others.

Areas Covered
  • BSA/AML Compliance Management
  • Sanctions Screening / PEP Screening
  • Knowing Your Customer (KYC)
  • Currency Transaction Reports (CTRs), Form 8300, Suspicious Activity Reports (SARs), and the Report of Foreign Bank and Financial Accounts (FBARs)
  • Identification processes including scrutiny of beneficial owners, monitoring and looking for complex, unusually large transactions and set thresholds for transaction limits
  • Proper identification of your clients and vendors
  • How Digitization has changed movement of money
  • AML Compliance and Digital Currencies
  • Monitoring, investigating and reporting suspicious transactions
  • Adapting to regulatory changes and expectations
  • Training staff to recognize suspicious transactions and awareness of their reporting obligations
Who will Benefit
  • Compliance Managers and Officers
  • Risk Managers and Officers
  • Controllers
  • Presidents / Vice Presidents
  • Managers / Supervisors
  • Independent Sales Organizations
  • CFOs and Presidents of Payment Service Providers
  • Managers of Payment Service Providers
Topic Background
While anti-money laundering (AML) programs are among an institution's most scrutinized risk management functions, there is renewed regulatory emphasis on improved client screening, due diligence, monitoring, investigation and regulatory filing practices in an effort to thwart attempts by senior politically exposed persons (PEPs), sanctioned individuals and entities, and high-profile criminals that pose the greatest risk to an organization. This increased scrutiny has resulted in a recent spike in the number of companies getting fined for sanctions breaches, which clearly indicates the need for banks to re-evaluate their existing compliance programs to ensure that they provide maximum protection from increased regulatory scrutiny and serious risk.

Two areas of significant interest are know your customer (KYC) procedures – which involve customer acceptance, identification, and verification policies and the risk profiling of clients – and sanctions filtering, which involves filtering customers and counterparties against government sanctions lists, suspected terrorists, narcotics traffickers, and designated financial institutions and territories.
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  • Upon purchase of the recorded session a link will be updated on your OCP Account within 24 hours
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  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
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Instructor Profile:
Armen Khachadourian is the founder and president of Digital Payments Inc, a consulting firm providing advisory services in the areas of merchant processing, ISO/MSP formation, development of best practices, BSA/AML guidelines, merchant portfolio and acquiring acquisitions, prepaid and alternative payment products including decoupled debit. As a trusted partner with vision to understand his client's future business he has helped design and evaluate new products and services in today's changing marketplace.

Mr. Khachadourian has also served in executive positions at several top ten financial institutions and helped them maximize growth and revenues in today's challenging electronic payments marketplace. As a vice president of JPMorgan Chase's Prepaid Product in Treasury Services he was responsible for designing and launching prepaid cards in the EU market. As a senior vice president at Visa USA, he expanded card acceptance to new markets such as supermarkets, recurring payments, quick service restaurants and federal government agencies. His expertise in card products extends to issuance of credit, debit, prepaid and commercial cards. He is also an experienced manager of technology solutions including development of best practices, network policy, third-party processor contract negotiation and problem resolution.

Mr. Khachadourian earned a Bachelor of Arts degree in mathematics and a Master of Science degree in computer science from the San Jose State University in California. He authored the “Basics of Data Communications” textbook and lectured at College of San Mateo, CA. He was awarded an honorary teaching credential from State of California. He is a member of the United States National Masters team and has represented United States at four world championships.
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