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Anti-Money Laundering (AML) laws date back to 1970, when Congress passed the Bank Secrecy Act. The BSA requires banks and many other financial institutions to file currency reports with the U.S. and identify people engaged in financial transactions.

Laws have expanded, most importantly by the Patriot Act of 2001 (Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act). Following the terrorist activity of 9-11, the USA Patriot act was signed into law by President George W. Bush on October 26, 2001. The Act criminalized the financing of terrorism and augmented AML laws by requiring strengthened customer identification procedures, prohibiting interactions with foreign shell banks, requiring enhanced due diligence procedures, and increasing penalties for violations.

Parts of the Patriot Act have expired however the legislation regarding counter-terrorist financing and AML still remains. The USA Freedom Act imposes new limitations to the intelligence agencies on the bulk collection of metadata on US citizens.

This course goes into detail on the portions of the USA Patriot act that address money laundering.

Learning Objectives

  • Discover and understand the US Patriot Act and National Defense Authorization Act.
  • Identify required reporting under the Patriot Act.
  • Explore required AML training and independent testing to comply with Patriot act.
  • Recognize and examine responsibilities of the Office of foreign assets control (OFAC) and its connection to Anti-money laundering.
Last updated/reviewed: February 07, 2021

2 Reviews (3 ratings)Reviews

4
Anonymous Author
This course provides an understanding of the Patriot Act, information about Anti-Money Laundering, and the information about the Office of Foreign Assets Control.
5
Member's Profile
This was a very good detailed course on BSA/ASL. I think this would be a good foundational course for anyone starting in the financial industry.

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  2:10Introduction to Anti-Money Laundering and The U.S.A Patriot Act
  8:29Anti-Money Laundering Laws and National Defense Authorization Act
  12:52Patriot Act
  7:21Required Reporting for Patriot Act
  9:08Anti-Money Laundering Training AND Independent Testing to Comply with Patriot Act
  7:38Office of Foreign Assets Control (OFAC)
  8:04Summary and Appendix
CONTINUOUS PLAY
  55:42Anti-Money Laundering and the US Patriot Act
SUPPORTING MATERIAL
  PDFSlides: Anti-Money Laundering and the US Patriot Act
  PDFAnti-Money Laundering and the US Patriot Act Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM