Question: On June 22, 2007, FinCEN launched a series of regulatory efficiency and effectiveness initiatives to ensure that all financial institutions were in full compliance with the law as part of a larger objective to streamline the banking industry and the way in which it is regulated. For the past two years, FinCEN has worked with other agencies to monitor compliance with the Bank Secrecy Act (BSA), Anti-Money Laundering (AML) efforts, Money Services Business (MSB) activity and other areas of interest. How can your organization demonstrate its compliance with the law to FinCEN?
Answer:
Ensure that staff members know where to find information regarding FinCEN's initiatives, such as the Interagency Statement on Enforcement of Bank Secrecy Act/Anti-Money Laundering and other publications recently issued by FinCEN.
Train new employees on bank policies and procedures and provide refresher training for all other staff members to ensure that each person understands the latest legislation and how the bank can comply with these laws.
Provide customers with assurance that the bank is in full compliance of the latest laws and regulations to protect their assets.
Make sure that employees and customers alike understand the BSA as well as AML procedures and policies at the bank.
Establish standards for handling third-party relationships with vendors and any other outsourced business relationship.
Be sure that records of compliance are up-to-date and easily accessible to any regulatory agency that may request them.
The Edcomm Group
The Edcomm Group Banker's Academy is a 22-year-old multimedia training company, recognized by USA TODAY as the training provider of choice for the banking industry. The Edcomm Group Banker's Academy offers programs such as Compliance, Teller, Bank Secrecy Act (BSA), Anti Money Laundering (AML), Basel II, EEO, Sexual Harassment, Elder Financial Abuse, Credit Risk Management, Fraud Prevention, Mortgage Fraud Prevention, Security, Ethics, Collections, Foreclosures, OSHA, Lending, Sales & Service, System Simulations, System Conversions, Leadership, Operations Management, and individual job training and career development through http://www.jobtraining.bankersacademy.com. To learn more, please contact Dr. Linda Eagle, President of The Edcomm Group Banker's Academy, at +1.212.631.9400 or linda.eagle@edcomm.com, and visit us on the web at http://www.bankersacademy.com.
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
Print Friendly!
Email This Article!
Discuss NOW!
