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Job training requirements for BSA

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Question: 
Do we have to have job specific training for BSA?
Answer: 

Hopefully the following quotes from page 37 of the BSA Exam Manual will help answer your question:

Banks must ensure that appropriate personnel are trained in applicable aspects of the BSA.

At a minimum, the bank’s training program must provide training for all personnel whose duties require knowledge of the BSA. The training should be tailored to the person’s specific responsibilities.

The BSA compliance officer should receive periodic training that is relevant and appropriate given changes to regulatory requirements as well as the activities and overall BSA/AML risk profile of the bank.

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 4/18/11

First published on 04/18/2011

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