Anti Money Laundering Rules & Compliance Training

Anti Money Laundering Rules & Compliance Training

The Anti-Money Laundering (AML) and Suspicious Activity Reporting (SAR) section of the Bank Secrecy Act (BSA) went 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 Financial Crimes Enforcement Network (FinCEN) has issued regulations requiring financial institutions to implement anti-money laundering (AML) programs to help curtail suspicious financial activity as it relates to transactions like mortgages.
FinCEN has finalized regulations that require non-bank residential mortgage lenders and originators develop anti-money laundering programs and file suspicious activity reports (SARs) as FinCEN has traditionally required other types of financial institutions to do.
Just like the Federal Trade Commission (FTC) Red Flags Rule and Grim-Leach Bliley (GLB) Safeguard Rule requirements, the Anti Money Laundering (AML) plan will be different for every company as all companies vary based on size, scope, complexity. In other words, plans will not be identical. Financial Strategies AML / SARS training course accomplishes 1 of the 4 minimum requirements under the new rules:

  • the development of internal policies, procedures, and controls;
  • the designation of a compliance officer;
  • an ongoing employee training program; and
  • an independent audit function to test programs.

A combined three, interactive Web-based training courses for an unlimited number of users, including:

  • AML - Non-Bank Compliance: Covers the essentials of the anti-money laundering program and Suspicious Activity Report filing requirements for mortgage companies and mortgage brokers.
  • AML - Non-Bank SAR Reporting: Learn how to identify potential suspicious activity, obtain information required to complete a SAR, and learn about red flags of suspicious activity particular to the mortgage industry.
  • AML - Non-Bank Mortgage Fraud Awareness: Mortgage fraud is a growing threat. You will be provided with an overview of mortgage fraud concepts and an awareness of mortgage fraud methods, including detailed descriptions of mortgage fraud schemes.

Anti-Money Laundering (AML) Training for non-bank Residential Mortgage Lenders and Originators.
Our full services will fulfill the government’s requirements for AML Compliance Training for non- bank RMLOs, our On-going training consists of these two separate elements:
1. This basic course covers the regulators’ Anti-Money Laundering (AML) laws for Residential Mortgage Lenders and Originators (RMLOs).  
2. We also provide a stream of periodic, updates throughout the year. They include the Financial Crimes Enforcement Network’s notices, changes, new and revised rules and directives.