while the regulatory requirement for providing bsa/aml training is clear, examiners often receive questions about how to adjust training programs to address employees’ job responsibilities. this article is intended to provide general guidelines for developing bsa/aml and ofac training programs that address employees’ specific job responsibilities. for instance, an employee in an operation role would receive basic bsa/aml and ofac training sufficient for the employee to understand the applicable requirements for a teller position. if all employees within a job category have the same or very similar bsa/aml and ofac responsibilities, bank management may choose to provide training that addresses the specific bsa/aml and ofac-related responsibilities of individuals in each job category.
frontline staff and tellers: depending on the duties of frontline staff, training typically includes requirements for ofac (if applicable), currency transaction reports (ctr), monetary instruments, identifying suspicious activity and suspicious activity reports (sar). employees who have positions that require them to perform bsa/aml and/or ofac duties also receive thorough training related to these duties prior to starting in the position. board of directors: in order to provide oversight to the organization, directors need a basic understanding of bsa/aml and ofac, including the importance of the regulatory requirements, the ramifications of noncompliance and the risks posed to the bank. the training program should ensure that all employees understand their role in maintaining effective bsa/aml and ofac compliance programs.
training is a core requirement of a satisfactory bank secrecy act and anti-money laundering (bsa/aml) compliance program. at a minimum, a bsa/aml training program must provide training for all personnel whose duties require knowledge of the bsa. anti-money laundering (aml) training requirements compliance training requirements when the usa patriot act firms in establishing the aml compliance program required by the bank secrecy act, its implementing finra’s anti-money laundering (aml) e- learning courses cover concepts and strategies for, anti money laundering training, anti money laundering training, bsa/aml training requirements, anti money laundering act, bank secrecy act. [u’ As mentioned above, most carriers require AML training to be completed every 24 months. However, there are some carriers that require AML training to be completed every 12 months, such as American General, Foresters, and Great American.Nov 7, 2016
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