Description
Previous ID under FIRE providership: 200240
AML Red Flags -- Retail and Operations presumes that the reader has a basic understanding of the anti-money laundering requirements under the USA PATRIOT Act of 2001 (PATRIOT Act) and The Bank Secrecy Act of 1970 (BSA). The Patriot Act amended the BSA to include financial institutions other than banks, including securities firms. The course details the importance of the "know your customer" rules in the AML context. Additionally, the important sources for identifying customers who may have terrorist ties are discussed as are AML red flags that may appear during the account-opening phase.
Learning Objectives
Describe the process of managing AML risks at account opening, including how to identify red flags and terrorist ties; identify high-risk transactions that may indicate anti-money laundering activities and how to prevent them through supervision; understand the role of operations before and after account opening.