Anti-Money Laundering and the US Patriot Act

Field: Auditing | Delivery Method: Self Study | CPE Hours: 1.0

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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.

Lesson objectives
  • 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
  • Examine responsibilities of the Office of foreign assets control (OFAC) and its connection to Anti-money laundering


Field: Auditing
CPE: 1
Delivery Method: Self-Study
Format: Video




Your Instructor


Lynn Fountain
Lynn Fountain

Consultant, CPA, CGMA, CRMA, MBA, Past Chief Audit Executive

Business Consultant, Trainer, Author


Ms. Fountain has over 40 years of experience spanning public accounting, industry accounting and consulting. Sixteen years of that experience has been in the field of internal audit, risk managment and process improvement. She is well adept to assist your organization evaluate business strategy, perform risk assessments, establish a Sarbanes-Oxley process, synergizing internal audit processes or perform process improvement projects.


As a past corporate executive Lynn has a passion for working with professionals to enhance their processes and provide leading edge education. She has authored and delivered hundreds of training courses for accounting, finance and audit professionals. Her training is filled with not just theory but real world application.


Ms. Fountain has authored three technical publications:

-Leading the Internal Audit Function 

-Raise the Red Flag

-Ethics and the Internal Auditor's political dilemma


Lynn is a recognized leader in the internal audit profession as well as a recognized business professional.  


Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has active, current CPA, CGMA, and CRMA credentials.


https://www.lynnfountain.net/


Course Curriculum


  Anti-Money Laundering and the US Patriot Act
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Frequently Asked Questions


When does the course start and finish?
The course starts now and never ends! It is a completely self-paced online course - you decide when you start and when you finish.
How long do I have access to the course?
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What if I am unhappy with the course?
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