Fin Inst AML/CFT Obligations

2 Units

Students will study the AML/CFT requirements imposed on financial institutions, including those related to customer onboarding, customer due diligence, compliance with Office of Foreign Asset Control (OFAC) rules, record-keeping and reporting. Students will consider issues involved in banking high-risk clients and offering high-risk products, and issues for peer-to-peer and crowdfunding platforms. Students will also study high-risk affiliations for financial institutions, such as correspondent banking. Topics of focus will include suspicious activity detection and reporting, structuring transactions, and currency transaction monitoring.