Anti-Money Laundering (AML) laws date back to 1970, when Congress passed the Bank Secrecy Act. The BSA requires banks and many other financial institutions to file currency reports with the U.S. and identify people engaged in financial transactions.

Laws have expanded, most importantly by the Patriot Act of 2001 (Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act). Following the terrorist activity of 9-11, the USA Patriot act was signed into law by President George W. Bush on October 26, 2001. The Act criminalized the financing of terrorism and augmented AML laws by requiring strengthened customer identification procedures, prohibiting interactions with foreign shell banks, requiring enhanced due diligence procedures, and increasing penalties for violations.

Parts of the Patriot Act have expired however the legislation regarding counter-terrorist financing and AML still remains. The USA Freedom Act imposes new limitations to the intelligence agencies on the bulk collection of metadata on US citizens.

This course goes into detail on the portions of the USA Patriot act that address money laundering.

Learning Objectives
  • Discover and understand the US Patriot Act and National Defense Authorization Act.
  • Identify required reporting under the Patriot Act.
  • Explore required AML training and independent testing to comply with Patriot act.
  • Recognize and examine responsibilities of the Office of foreign assets control (OFAC) and its connection to Anti-money laundering.
Last updated/reviewed: March 18, 2024
8 Reviews (29 ratings)

Reviews

4
Anonymous Author
Very informational - the supporting materials also are a good reference. The history and introduction to this course was interesting and informative. As someone who is just starting in financial services, it was important to me to learn more about these laws. Especially in a more in-depth course.
4
Anonymous Author
This course provides an understanding of the Patriot Act, information about Anti-Money Laundering, and the information about the Office of Foreign Assets Control.
4
Member's Profile
The content and material is good, but the instructor did not go much beyond (e.g. providing examples, real occurrences, etc.) of what was written there.
4
Anonymous Author
This is a course of facts, dates, departments and their duties. If you follow the slideshow and review the glossary you will be able to pass the course.
5
Member's Profile
This was a very good detailed course on BSA/ASL. I think this would be a good foundational course for anyone starting in the financial industry.
5
Member's Profile
This is a fast but thorough overview of topic. The slides are also useful which is typical of Lynn's presentations.
4
Member's Profile
Great overview of AML. I would recommend taking subsequent courses.
5
Anonymous Author
Helpful information related to AML, Patriot Act, and OFAC.
Prerequisites
Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to Anti-Money Laundering and The U.S.A Patriot Act2:10
  Anti-Money Laundering Laws and National Defense Authorization Act8:29
  Patriot Act12:52
  Required Reporting for Patriot Act7:21
  Anti-Money Laundering Training AND Independent Testing to Comply with Patriot Act9:08
  Office of Foreign Assets Control (OFAC)7:38
  Summary and Appendix8:04
CONTINUOUS PLAY
  Anti-Money Laundering and the US Patriot Act55:42
SUPPORTING MATERIAL
  Slides: Anti-Money Laundering and the US Patriot ActPDF
  Anti-Money Laundering and the US Patriot Act Glossary/IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam