Why a Reliable Bank Compliance Training Program Is Necessary

The Bank Secrecy Act of 1970, or BSA, sets strict requirements and guidelines for money services businesses and financial services businesses related to anti-money laundering and terrorist financing compliance. In order to operate lawfully and within the regulations, businesses must maintain compliance and a compliance program. Here’s an overview of why a reliable bank compliance training program is necessary, and how Bates Group LLC can help. 

Understanding the Bank Secrecy Act

The BSA outlines five key pillars of compliance that money services businesses must meet in order to avoid penalties. These include:

1. 1. Designating a compliance officer
   2. Developing internal policies

• Creating a training program for employees

1. Developing comprehensive risk assessments
2. Guaranteeing independent testing and auditing

If a business fails to comply with these requirements, it’s at risk of fines and other potential regulatory penalties. As such, designing, implementing, and maintaining a robust compliance program is essential. 

What Is a BSA Compliance Training Program?

It’s essential that critical staff gets the proper training on BSA compliance. A comprehensive BSA compliance training program should provide all staff with the basics of the Bank Secrecy Act, anti-money laws and anti-money laundering compliance, and provide training about risks and red flags. A BSA officer should be more rigorously trained, with training covering the basics of building a BSA compliance policy, red flags for money laundering and terrorist-financing activities, record keeping requirements, guidance on developing internal policies, customer identification programs, customer due diligence, high-risk customers, internal audit requirements, and more. 

Get Help from an Experienced Bank Secrecy Act Compliance Specialist

Knowing what a comprehensive training program for employees should look like and how to satisfy federal requirements related to the Bank Secrecy Act and anti-money laundering compliance is complex without the guidance and counsel of an expert. By working with a consultant who has experience helping businesses like yours satisfy and maintain compliance requirements, you’re protecting your business’s interests and mitigating risk.

Call Bates Group LLC Today

At Bates Group LLC, our compliance experts have years of experience designing and implementing compliance programs for money services businesses. Whether you already have a compliance program in place and just need help designing and implementing a BSA training program, or if your business needs help with all facets of BSA/AML compliance, our team is here to support you. To learn more about the Bank Secrecy Act and the compliance requirements that your business may be required to satisfy, call us today or send us a message online. We provide services to businesses nationally.