About This Course:
As Treasury explained in its 2020 National Strategy for Combating Terrorist and Other Illicit Financing, criminals with widely divergent levels of financial sophistication use real estate at all price levels to store, launder, or benefit from illicit funds. Real property transactions involving both residential and commercial properties carry significant risks of money laundering and terrorist financing.
The risk is even greater when the transaction involves cash purchases or anonymous entities or trusts. To combat this risk, the Bank Secrecy Act requires financial institutions, including loan and finance companies, to develop AML compliance programs, including policies and procedures that are reasonably designed to identify and prevent money laundering.
FinCEN also requires reporting about certain real estate transactions, not only by loan and finance companies but also by designated individuals in connection with cash purchases.
This presentation will help individual involved in real estate transactions understand the money laundering risks in the industry and the AML compliance program requirements imposed on the industry.
What You'll Learn:Overview and History of U.S. Anti-Money Laundering Laws- Passage of the Bank Secrecy Act and Relevant Revisions
- Other AML Statutes
- Regulatory Framework
AML Compliance Programs for Loan and Finance Companies- AML Program Requirements
- Best Practices for an Effective AML Compliance Program
- Identifying High Risk Transactions
- Reporting Requirements
- Recordkeeping Requirements
AML Compliance for Non-Financed Transactions- Use of Geographic Targeting Orders
- New Regulations Governing Non-Financed Transactions
- Who Must Report and What Must Be Reported
Other Regulations and Requirements
