Anti-Money Laundering Examination Seminar
Federal Reserve System Courses
Type of Participant Targeted
This program is for financial institution supervisors with more than six months of financial institution examination experience and an interest in learning techniques for targeted anti-money laundering and counter-terrorist financing examinations.
Prerequisites
None.
Course Overview
This course is designed to provide banking supervision staff with an understanding of the importance of reviewing the operational, legal, and reputational risks associated with money laundering and terrorist financing and their impact on the overall bank rating assessment. The course provides examiners with guidance on proper customer identification and due diligence procedures, counter-terrorist financing, and suspicious activity reporting. There are also presentations and discussions on assessing the money laundering risks associated with high-risk areas like foreign correspondent banking, wire transfers, private banking and prepaid cards, and other emerging payment systems. This course will also provide an overview of the USA PATRIOT Act, the general U.S. AML/CFT (anti-money laundering/combating the financing of terrorism) regulatory framework, and the FATF (Financial Action Task Force on Money Laundering) recommendations; it will present the U.S. experience and regulatory perspective on these topics. Case studies will be utilized to highlight and analyze key money laundering and terrorist financing risks in a bank's high-risk business areas.
Course Objectives
Upon completion of this four-and-a-half-day seminar, the participant will, at a minimum, have
- a working knowledge of anti-money laundering and counter-terrorist financing terminology;
- an overall understanding of the key risks associated with money laundering and the impact on the bank's overall risk management;
- afamiliarity with examination procedures utilized to review high-risk areas, as well as the bank's internally published anti-money laundering program and procedures;
- an understanding of the roles of the risk manager and compliance officer within the environment of the bank; and
- an ability to apply anti-money laundering examination concepts consistently among different-sized banks.