Guide to Implementing Effective Anti-Money Laundering Procedures
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Anti-money laundering laws and regulations apply to all financial institutions, and regulators are looking closely at an institution's Bank Secrecy Act/anti-money laundering (BSA/AML) compliance programs. The information contained here is relevant for banks, credit unions, thrifts, savings and loan associations, and any other organization considered to be a financial institution under the BSA and required to comply with AML laws and regulations.
This manual provides an explanation of the regulatory requirements, required due diligence, sample procedures, checklists, and training outlines for each department or operational area of a financial institution. Areas covered include:
• Retail banking
• Consumer real estate lending
• Commercial lending
• Electronic banking
• International banking
• Bank insurance department
• Investment services
• Credit cards
• Deposit operations
• Loan servicing
• Trust department
• Bank subsidiaries
Within each area, you'll find customizable sample procedures for each department's everyday activities. These procedures can be implemented right away or used as the basis for the creation of procedures specific to your institution's needs.
Lorraine Hyde, the author, is a certified bank compliance officer and is certified as a fraud examiner by the Association of Certified Fraud Examiners. Ms. Hyde's expertise is in consumer, home equity, and small business lending, loan review and analysis, and bank fraud investigations for the Federal Deposit Insurance Corporation (FDIC) and Resolution Trust Corporation (RTC).
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Table of contents
Chapter 1 Introduction to the Bank Secrecy Act and Anti-Money Laundering Regulations
Chapter 2 Bank Secrecy Act/Anti-Money Laundering Program Administration
Chapter 2A BSA/AML Program Administration — Reporting and Recordkeeping Rules
Chapter 2B BSA/AML Program Administration — OFAC, Information
Sharing, and Special High-Risk Accounts
Chapter 3 Retail Banking
Chapter 4 Consumer Real Estate Lending
Chapter 5 Commercial Banking
Chapter 6 Electronic Banking
Chapter 7 International Banking
Chapter 8 Bank Insurance Sales
Chapter 9 Investment Services
Chapter 10 Credit Cards
Chapter 11 Deposit Operations
Chapter 12 Loan Servicing
Chapter 13 Trust Services
Chapter 14 Bank Subsidiaries
Chapter 15 Preparing for the Risk-Based Audit