BSA Training for Board of Directors
Answer by Randy Carey, BOL Guru Guru Bios
Question: Is it now a requirement or just a strong recommendation that members of the Board of Directors receive training on BSA?
Answer: It is stongly recommended. From the revised examination manual: "The board of directors and senior management should be informed of changes and new developments in the BSA, its implementing regulations and directives, and the federal banking agencies’ regulations. While the board of directors may not require the same degree of training as banking operations personnel, they need to understand the importance of BSA/AML regulatory requirements, the ramifications of noncompliance, and the risks posed to the bank. Without a general understanding of the BSA, the board of directors cannot adequately provide BSA/AML oversight; approve BSA/AML policies, procedures, and processes; or provide sufficient BSA/AML resources."
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