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Understanding what Tax Evasion and Tax Fraud mean when monitoring BSA and filing SARs

Traininng.com, a leading provider of professional training for all the areas of regulatory compliance, is organizing a webinar on the topic, “Tax Evasion and Tax Fraud. What it means to you when monitoring BSA and filing SARs”.

Doug Keipper, a Certified Anti-Money Laundering Specialist (CAMS) and a former Bank Secrecy Act officer and compliance officer, will be the speaker at this webinar. Please visit https://www.traininng.com/webinar/tax-evasion-and-tax-fraud.-what-i... to enroll for this webinar.

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One of the primary functions of the Bank Secrecy Act (BSA) is that it requires financial institutions to assist government agencies in the detection and prevention of money laundering.

According to issue #23 of The SAR Activity Review Trends Tips & Issues of The Financial Crimes Enforcement Network (FinCEN), published in May 2013, tax fraud or evasion makes up almost a quarter of its Suspicious Activity Report (SAR) cases. FinCEN mentions the role of correspondent banks, tax havens, shell, shelf and offshore companies and Trusts in this fraud. In addition, the report also discusses tax fraud or evasion in its section on Significant Money Laundering Trends and Patterns by Accountants or CPAs.

It goes without saying that tax evasion and tax fraud lie at the root of an effective BSA/AML compliance program. Effective monitoring and proper understanding of the topic are a must for accurately describing the transactions on a Suspicious Activity Form.

Assess if you run the risk

At this webinar, Doug will explain the various types of transactions with the help of examples, which will help participants a better understanding of how to assess the risks.

At this session, which is aimed at personnel whose work relates to AML in one or another way, such as AML Officers, BSA Officers, BSA Analysts, BSA Investigators, CFO's, Bank and Credit Union Compliance Officers, and Bank or Credit Union Operations Officers; Doug will cover the following areas:

  • Resources
  • What's the difference? Tax Evasion vs Tax Fraud
  • Why do I care?
  • Definitions
  • Why it matters
  • Global Tax Evasion
  • The Swiss Connection
  • Tax Havens
  • Ties to Money Laundering and Terrorism
  • Foreign Account Tax Compliance Act
  • Identity Theft and Tax Fraud
  • FinCEN & Red Flags.

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About the speaker:

Doug Keipper, a Certified Anti-Money Laundering Specialist (CAMS) since 2005 and a former Bank Secrecy Act officer and compliance officer, spent over 20 years in retail banking, wholesale mortgages and financial services. Doug sold BSA software for eight years and has taught anti-money laundering classes.

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