Training Programs

Training Programs

There are many requirements that banks and other money services businesses (MSBs) have to meet when it comes to anti-money laundering compliance. Businesses must meet the standards set out by the Bank Secrecy Act (BSA), Office of Foreign Assets Control (OFAC), the USA PATRIOT Act, and more. Noncompliance can mean many penalties and the possible closure of a business, so it is critical to ensure your business meets all the necessary requirements. 

One important requirement is to provide proper training for compliance to applicable employees. Having a well-designed training program is an integral part of BSA/AML compliance, and you should document all training that takes place. 

Many MSB can be uncertain about what training should entail, and they might not have the resources to design and implement a training program that satisfies the BSA requirements. You should never hesitate to seek professional help from BSA/AML consultants who can assess the needs of your business and design a training program that applies to your specific entity and staff.

Designing Your Training Program

Everyone in your organization should be aware of the signs of possible unlawful activity, including money laundering, tax evasion, and other financial crimes. Training should focus on safeguarding your business from money laundering and other unlawful financial activity, and all staff members should recognize the risks of possible money laundering activity and know how to mitigate those risks. 

Staff should also be trained on proper recordkeeping and reporting procedures that work to deter and prevent financial crimes. Training should cover the requirements under the law, the specific risk factors of your MSB operations, and more. 

Training as Part of BSA/AML Compliance

Training is only one aspect of a comprehensive BSA/AML compliance program. Training combines with internal controls, having a specified BSA compliance officer, and independent testing and reviews to identify possible holes in your compliance program. Training programs are an essential part of any BSA/AML program, and this is often an area in which MSBs and banks fall short, which can lead to serious penalties.

Training is required for:

• The BSA compliance officer
• You Board of Directors
• Any staff members who have duties that require an understanding of the BSA

Training can cover many topics, including: 

• Proper measures for consumer compliance
• Customer identification programs
• Customer due diligence
• Currency transaction reports and exemptions
• Suspicious activity reports
• Transaction monitoring
• Monetary instrument recordkeeping
• Fund transfers 
• Record retention
• Information sharing
• OFAC compliance

Not only should staff be trained on the requirements under the law for AML programs, but they should also understand the importance of every aspect of the AML measures, as well as possible penalties for noncompliance.

Learn More About Our Training Programs and Other Services

Having a well-designed and effective training program is the foundation of your BSA/AML compliance program. Even if you have policies and procedures in place, training is required to ensure your staff knows how to uphold your policies. The BSA/AML experts at Bates Group LLC, work with MSBs to design and implement the best training programs. Contact us for more information.