The Bank Secrecy Act is one of a few regulations with statutory training requirements. In addition to internal controls, independent testing, and the designation of a Bank Secrecy Act (BSA) officer, training is one of the four pillars of a financial institution’s BSA Program. Therefore, Bank Secrecy Act/Anti-Money Laundering (BSA/AML) training should be a priority when planning and implementing the annual training program. BSA/AML requirements cover a broad range of employees and departments, from new accounts personnel and tellers to operations employees and loan officers, all the way up to senior management and the board of directors. Consequently, training materials must provide a comprehensive overview and be tailored to each employee’s specific responsibilities. A “one-size-fits-all” approach is not sufficient.
Length: 2 pages (PDF 56 kB)