AML training for Mortgage Sales and Operations
Posted by Alice Alvey on Jun 27, 2012 in Anti-Money Laundering, IMU Blog
The Anti-Money Laundering (AML) and Suspicious Activity Reporting (SAR) section of the Bank Secrecy Act (BSA) will go into effect for lenders on August 13, 2012 and we can get you in compliance with AML/SAR webinar training and procedures for your staff . The program outline is attached. The agenda sticks to the topics that originators, processors, underwriters and closers need to know.
An AML program includes at a minimum:
Establishing internal policies, procedures and controls including a process for collecting suspicious activity information, identifying reportable events and filing suspicious activity reports (SAR)
- Designation of a compliance officer – this will be the person responsible for filing the SAR
- Establishing ongoing employee training programs. Annual training will be enough for an average shop – the training must cover an explanation of your procedures and red flags
- Independent audit function to test programs
- The size of the company is taken into consideration when determining the extent of the plan
Individual registration is required so we can issue certificates and you can prove to the CFPB who attended the training. The cost is $79 per person.
Need procedures too? Our AML/SAR procedure manual for residential lenders is ready! Don’t pay too much for a manual with banking regulations you will have to delete to prove to the CFPB these are your procedures. Our procedures provide real examples and coordinate with the training program we offer. The cost for the AML/SAR Program for Lenders is $250. Contact Alice Alvey to order.