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#176140 - 04/01/04 10:49 PM AML/BSA Training
Anonymous
Unregistered

Does the USA Patriot Act require ANNUAL AML and/or BSA training for bank employees?

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BSA/AML/CIP/OFAC Forum
#176141 - 04/02/04 01:43 AM Re: AML/BSA Training
PatriciaC Offline
100 Club
PatriciaC
Joined: Oct 2001
Posts: 192
Lewisville, Texas, US
Actually, it is BSA that requires the training. It comes about this way -
1) Your primary federal regulator has a regulation that implements the Bank Secrecy Act (for example, OCC regulated banks would look to 12 CFR 21.21). 2) Within that regulation, every federal regulator requires financial institutions to have a written BSA program that ensures compliance with all aspects of BSA (which now includes specific references to AML [103.120] & CIP [103.121]). 3) The written program must include a provision for training for appropriate personnel (interpreted to be everybody from the COB to the mail clerk). 4) Annual is not mentioned in the law but has become an industry minimum. 5) You do not have to train the CEO on filing a CTR but you must train everybody regarding AML and the specific issues that apply to their function.
_________________________
Patricia Cashman,CRCM
Cashman Compliance Solutions, LLC
This is NOT legal advice

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#176142 - 04/02/04 02:42 PM Re: AML/BSA Training
Anonymous
Unregistered

Thanks!

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#176143 - 09/02/04 08:09 PM Re: AML/BSA Training
Anonymous
Unregistered

The first thing to look at is the BSA Officer. The BSA Officer is considered the most knowledgeable person in the bank about BSA. If the officer does not keep current in receiving training, how can the employees keep current? As a federal bank examiner that is the first thing I look for.

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#176144 - 09/02/04 08:33 PM Re: AML/BSA Training
Anonymous
Unregistered

As a new BSA Officer, what would you suggest for me to do to keep current should I get the job?

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#176145 - 09/03/04 01:18 AM Re: AML/BSA Training
Anonymous
Unregistered

For new and experienced persons, there is the upcoming ABA/ABA AML Conference in October. Is the best conference to keep updated. Also, get some reference materials from established companies, like the vendors listed in this site. Also, get the regulations (print and read them) and each agency examinations guidelines. Also, subscribe to the free email alerts from regulatory agencies, OFAC, FinCEN and the IRS. There are also other things, like keep reading this site, getting some specialized magazines, listening to the webinars set by BOL, etc. There is so much information out there, the problem is to find the time to read or listen to everything.

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#176146 - 09/03/04 02:40 AM Re: AML/BSA Training
Princess Romeo Offline

Power Poster
Princess Romeo
Joined: Jun 2001
Posts: 8,272
Where the heart is
Be sure to check out the Association of Certified Anti-Money Laundering Specialists (ACAMS) at www.acams.org

ACAMS is not just for banking, but there is a lot of useful information on Money Laundering issues.
_________________________
CRCM,CAMS
Regulations are a poor substitute for ethics.
Just sayin'

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#176147 - 09/03/04 11:51 PM Re: AML/BSA Training
BSA4LIFE Offline
Gold Star
Joined: Nov 2003
Posts: 284
California
Thanks for the info, I was the new BSA Officer posting as Anon.

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#176148 - 07/25/05 01:25 AM Re: AML/BSA Training
Anonymous
Unregistered

I am inquiring about the position for the bank I work for (Director AML/BSA)...anyone have any advice or tips? Thanks...

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#176149 - 07/25/05 03:05 PM Re: AML/BSA Training
G.E. Barrett Offline
New Poster
G.E. Barrett
Joined: Apr 2005
Posts: 18
Indiana
Any tips like what? Like, STOP! DON'T! You don't know what you are getting yourself into..........

Just kidding! I have been the BSA Officer at my bank for about six months. Actually, I am the first one to inhabit the position. Previously, BSA was piggybacked with about ten other compliance issues. As I think is true for most of us.

Would be glad to give any advice I can with my limited knowledge.
_________________________
I don't know where I'm a gonna go when the volcano blows.

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