Introduction to Analyzing Financial Statements for BSA/AML Compliance Staff
Course Number: Seminar
Course Code: n/a
Are you a BSA/AML Compliance
professional in need of additional insight on how to use financial information as a resource to:
•Determine source of wealth for the client?
•Obtain support for alerts during the transaction monitoring process?
•Perform CDD (client due diligence) and/or EDD (enhanced due diligence).
•Understand the business purpose of a commercial client?
•Determine the correlation between account purpose and client’s occupation/business while performing an assessment of transaction history?
Then this seminar may assist you in achieving these goals.
•The use of financial statements as a resource to validate the Customer’s identity and source of wealth.
•Different types of financial statements (internal vs. audited).
•How to analyze the financial capacity of business and personal customers.
•How to review financial statements to obtain the customer real income generation abilities.
•Assess the client’s liquidity and cash at hand.
•Review the details and the analysis of K-1 tax statements and the importance on determining beneficial owners.
•Review the concept of inter-company loans and transactions.
•Review the importance of financial statement footnotes when gathering information on the client’s business.
•Understanding the limitations of the timing of financial statements when compared to BSA transaction alerts.
•Discussion of importance of tax return in the assessment of source of wealth and beneficial owners.
•Private investment companies and financial reporting CIP for parties in a loan transaction and challenges when validating identities including OFAC screening.
Audience: Compliance professionals in need of additional insight on how to use financial information as a resource.