PLEASE NOTE: MBA Education will be transitioning to a new learning platform in June 2020. We strongly suggest that you complete your course(s) before Friday, June 19, 2020. Progress in any courses that are not completed as of the transition date will be lost and you will need to start from the beginning of your course(s) in the new platform.
If you think you will be unable to complete your courses before Friday, June 19, we recommend that you delay your registration until the transition is complete.
This is a single-family/residential course.
Banks and mortgage lenders, as well as other legitimate businesses, can be a means of laundering money obtained through crime. The Anti-Money Laundering Laws course focuses on laws and regulations that banks and mortgage lenders must follow to help combat both money laundering and terrorist financing.
The course provides background on money laundering and terrorism financing and explores lenders' obligations in regard to key laws. Laws and regulations discussed include Title 18 USC §§ 1956 and 1957, which criminalize money laundering; the Bank Secrecy Act (BSA, or sometimes BSA/AML) as amended by the USA PATRIOT Act; and FinCEN's final RMLO (Residential Mortgage Loan Originator) rule, which expanded mortgage lender obligations in regard to anti-money laundering activity. The course examines common red flags for mortgage lenders and lessons learned in BSA/AML enforcement. The course concludes with a discussion of the role of the regulatory agencies.
- Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Laws
- Introduction to BSA/AML
- Pillars of an AML Program
- SARs for RMLOs
- BSA/AML Red Flags
- Role of the BSA/AML Regulators
Seat time approximately one (1) hour.