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BSA Training for Board of Directors

Answered by: 
Randy Carey

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."

First published on BankersOnline.com 9/11/06

First published on 09/11/2006

Filed under: 
Operations
Security
Filed under operations as: 
Board of Directors
Directors
IT
Training
Filed under security as: 
Board of Directors
Directors
IT
Management
Operations
Personnel
Policies
Training

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