2020 - Bank Secrecy Act: The Fundamentals - CIP, CDD, EDD, CTR and Current Issues

The Bank Secrecy and USA PATRIOT Acts
Know Your Customer (KYC)
Currency Transaction Reports (CTRs)
Suspicious Activity Reports (SARs)
New Customer Due Diligence requirements
Steps are specifically required by the regulations
Analytic engines
AML and Fraud overlaps
Adaptation by perpetrators
False Positive Problem
The New Customer Due Diligence requirements
Three covered entity types
Customer legal entity
Beneficial owners
Controlling persons
Exclusions
New Requirements
Risk profiles
Updating
Baseline/normal transactions
Transaction monitoring
Money Laundering Strategies and Techniques