Bank Secrecy Act & Anti-Money Laundering Paper

Bank Secrecy Act & Anti-Money Laundering Paper

Bank Secrecy Act/Anti-Money Laundering
Final Assignment
1. Explain the Law
a. The purpose of this portion of the assignment is to assess your understanding of the
legal concepts and framework explored in this course.
b. Look up Money Laundering and Financial Crimes Strategy Act of 1998 and read it fully.
c. The assignment is specifically for the section under Part 1 that begins with SS 5342 Highrisk money laundering and related financial crime areas
d. Conduct a detailed analysis of the above subsection and provisions. Using a process
similar to one you may have used in your high school English classes, dissect each
sentence to explore the meaning of each of the requirements and phrases, and the
intent of the specific language.
e. The assignment requires a sentence-by-sentence or even phrase-by-phrase (sometimes
word-by-word) analysis to demonstrate a clear understanding of the law and its
requirements.
f. Understanding what the law means and how to read it is an essential foundation for
compliance and crafting an appropriate AML program.
2. Draft a new section of the Law
a. The purpose of this portion of the assignment is to assess your understanding of the
current status of the Bank Secrecy Act.
b. Draft a new section to propose to congress for amending the BSA.
c. Write in legal language and provide an accompanying brief explanatory note describing
the intent of your proposed legislative language.
d. This reflects your understanding of the legal framework and process from the opposite
direction from 1 above.
3. Draft an Anti-Money Laundering Procedure
a. The purpose of this portion of the assignment is to test your ability to put the legal and
regulatory concepts covered in this course to use in a practical way.
b. Leaving the name of your employer out, draft a procedure that you think would benefit
your organization (if employed, use a hypothetical construct if not) that specifically
addresses an area of risk that you learned about in this course and feel is not adequately
controlled in your current processes.
4. Propose a Money Laundering Scheme
a. The purpose of this portion of the assignment is to test your knowledge of how money
launderers corrupt the system and where they could be successful.
b. You will use the information in this course and from your outside experience to put
yourself in the shoes of a money launderer and propose a hypothetical money
laundering exercise with the following parameters:
i. It must successfully move more than $1 Million through the financial institution
ii. It must last longer than 2 years in duration
iii. It must be reasonable likely to succeed in the current regulatory framework

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