Red Flags of Money Laundering

Why Should You Attend:

Money laundering is one of the primary concerns for any financial institution. The key to success is to know what to look for when reviewing accounts for money laundering. In order to identify possible money laundering in an account, it is first crucial to understand what money laundering is, various types of money laundering and how to spot the red flags of money laundering in an account.

This webinar will teach how to spot money laundering from a branch perspective along with a compliance department perspective.

Areas Covered in the Webinar:

• What is money laundering
• History of money laundering
• Red flags of structuring
• Red flags of micro-structuring
• Red flags of cuckoo smurfing
• How can allowing money laundering affect me/my financial institution/USA?
• When do we tell the BSA officer, and what should we use to communicate?
• The customer told me that she is hiding money from the IRS, should I tell BSA?
• What are the Red Flags for Identity Theft?
• We did not book the mortgage loan so why should I tell BSA that the identification and TIN did not match?

Who Will Benefit:

• Banking compliance Personnel
• Credit Union compliance Personnel
• Financial institution compliance Personnel
• Branch Management Staff
• Training Department/Program Professionals
• District Bank/Credit Union/Financial Institution Managers
• Teller Supervisors
• Compliance Managers
• Compliance Analyst/Investigators

Doug Keipper
Certified Anti-Money Laundering Specialist, Leading Bank

Doug Keipper, is a Certified Anti-Money Laundering Specialist (CAMS) since 2005 and a Bank Secrecy Act Officer for a $1 billion dollar bank.
Doug sold BSA software for eight years and has taught anti-money laundering classes since 2008 throughout the southeast and online.
He has talked with over 500 BSA officers throughout the USA and Caribbean.
He has spent over 20 years in retail banking, wholesale mortgages and financial services.

Frequently Asked Questions:

1. Is there a requirement to verify the identity of those with trading authority over an account?
2. Should broker-dealers reject 3rd party wires? If not, what due diligence should be followed before accepting them?
3. What about multilateral initiatives to combat laundering?
4. Are all broker-dealers in the U.S. subject to the Bank Secrecy Act?
5. If a potential client cannot provide reasonable details of anticipated activity, would that be a red flag for money laundering?

Topic Background:

The primary reason to avoid money laundering is first and foremost because it is against the law. Money laundering has existed since the early 1900’s and continues to this date. Most notably, money laundering became a spot lighted concern due to the war with Al Qaida and the war on terrorism. Because of the events of 9/11 it has become imperative that we as financial institutions understand what to look for when identifying money laundering. Money laundering is a major vehicle for various types of crimes worldwide, including terrorism. The most important thing to remember is, while money laundering is one of the oldest crimes in the modern era, it is still an evolving and growing financial crime.

To prevent a hefty fine along with the bad press, possible jail time and even the closure of your financial institution, it is necessary to know how to look for money laundering and what some of the major and most common red flags are for various types of money laundering. A number of financial institutions in recent years have paid considerable fines for conducting transactions that should have been recognized as money laundering. The negative publicity that has followed some of these large fines has caused various institutions to close or sell because of lack of trust by the public to do business with them.

To ensure you, your employees and your financial institution are not fined, jailed or forced to close, it is imperative that you understand what to look for when identifying possible money laundering in accounts within your institution.

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