Components of a Money Laundering Scheme

The Bank Secrecy Act was implemented to help detect and prevent money laundering and terrorist financing. Your Board of Directors is tasked with ensuring your institution has implemented a BSA Program that accomplishes that goal. This includes filing required forms like CTRs and SARs, collecting and verifying beneficial ownership information and on and on. Having a general understanding of the different components of a typical money laundering scheme can be beneficial to your Board and senior management when it comes to assessing the potential risks and your mitigation strategies

Kevin explains more in the video.


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Published
2024/12/03

 

Kevin Edwards

Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).

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Components of a Money Laundering Scheme
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