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How Compliance Training Benefits Your Business

Many financial institutions and money services businesses fail to recognize the importance of regular compliance training as a key aspect of their BSA/AML programs. In reality, proper compliance training is an essential part of BSA/AML compliance, as it educates employees on how to avoid money laundering, identify suspicious activity, as well as the importance of diligent compliance.

Most business owners do not have the time and resources to devote to developing a comprehensive and effective training program, so your company should not hesitate to reach out for help from corporate compliance professionals at Bates Group, LLC. 

Below are only some of the many benefits of a carefully-crafted annual compliance training program. 

Complying with Regulatory Requirements

The primary reason that you need compliance training is that BSA/AML laws require it for appropriate personnel. Regulators and auditors will certainly inquire whether your company meets this requirement, and they will expect you to provide documentation to demonstrate that all necessary staff members attended the required training.

Auditors will also likely inspect the content of the training program and the scores (if applicable) of trainees to ensure the program is comprehensive and effective. You should be able to provide the materials from your BSA/AML training program when requested. 

Maximizing Suspicious Activity Detection and Reporting

You want to be sure that your employees not only know how to detect suspicious transactions but that they also take the necessary steps to properly report them. Training should cover reporting procedures to the Financial Crimes Enforcement Network (FinCEN) and internal channels. The types of activity they might encounter will differ depending on their role in the company, so it is important to provide targeted training that is job-specific. 

Preventing Enforcement Actions

If regulators believe that you are out of BSA/AML compliance, FinCen can take enforcement actions against your company. To avoid this, you should meet all training requirements, which can then work to ensure that your employees remain fully compliant in the course of their jobs. This can save your company money, time, and other complications. 

The Right Compliance Training for Your Business

Every money services business is different, so training should be tailored to your organization, operations, and workforce. Your business leaders are not expected to be compliance training experts, which is why you should allow a team of trusted BSA/AML compliance professionals to design and implement your training program. 

We have many options for formal or informal training, including in-person or online sessions, as well as all associated training communications. We can learn about your goals for your compliance training and implement a program that suits the needs of your business so you can remain compliant.

Contact Our Corporate Compliance Professionals Today

Our BSA/AML compliance experts can help with every aspect of your compliance program, including annual training for necessary staff members. If you need assistance with BSA/AML licensing or compliance, do not hesitate to reach out to our team to learn more. Contact us today. 




5-7, 2021

The 2021 IMTC EMEA event is the first-ever hybrid event of the Cross-Border Payment Industry in Europe. Learn how to register for this event here.

9-11, 2021

IMTC LATAM 2021 in Buenos Aires will feature speakers, a trade fair, panelists, courses, seminars and more. Learn more and register for this event here.


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