Anti Money Laundering Regulations for Lenders
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Course Description: The Workshop is designed to teach LO's, processors, underwriters and closers their role in the anti-money laundering (AML) and suspicious activity reporting requirements. The red flags from application through closing are the same and this webinar will give the entire team the right stuff to recognize suspicious activity.
Objectives: Upon completion of this webinar you will:
- Understand the role FinCEN plays in coordinating suspicious activity data
- Recognize suspicious activity that should be reported to the compliance officer
- Be able to describe the steps to follow when suspicious activity is suspected
- Understand why confidentiality is critically important
- Be able to tell the regulators you attended a comprehensive training program about AML and SAR requirements!
- Overview and purpose of FinCEN and the AML/SAR regulation applicable to Lenders
- Who is FinCEN and what is a SAR?
- Red flags to report to the compliance officer
- The Importance of confidentiality
- SAR Reporting and timing Requirements
- The role of the company compliance officer
- The importance of confidentiality
- Recognizing red flags to be reported to the compliance officer
- Identifying the difference between red flags to report to the compliance officer versus actual suspicious activity to report to FinCEN
- Open discussion on various scenarios / Q&A