AML-SARS (The Bank Secrecy Act) Compliance Course

This annually required course for MLO’s and other money related professions is laid out under regulations issued by FinCEN that require financial institutions to implement anti-money laundering (AML) programs to help curtail suspicious financial activity as it relates to transactions like mortgages. Just like the FTC Red Flags Rule and GLB Safeguard Rule requirements, the AML plan will be different for every company as all companies vary based on size, scope, complexity. In other words, plans will not be identical.

This 40-minute course will give an overview of the AML-SARS requirements for non-bank lenders and originators and can be used as a guide to creating internal policies and procedures as well as appropriate tools needed to monitor employee’s compliance. The following topics will be covered:

• AML Laws;
• AML Programs;
• Suspicious Activity Reporting (including reports by loan or finance companies, filing & notification procedures, retention of records, essential elements of suspicious activity, & currency transaction reports);
• The USA Patriot Act;
• Information Sharing under The USA Patriot Act;
• Customer Identification Programs;
• Compliance;