Bank Secrecy Act (BSA) Training for the Board of Directors

What are the four "best practices" for Boards of Directors to show compliance with an effective BSA/AML (anti-money laundering) program? What topics should be covered in BSA training sessions for the Board of Directors? What did a community bank learn in a recent enforcement action about effective Board oversight of BSA?

What You Will Learn:

  • What does the FFIEC BSA exam manual say about informing the "board of directors" regarding BSA issues?  How many times is it mentioned in the exam procedures? What does your regulator expect to find when they review board minutes?
  • What should the Board know about the annual BSA audit?
  • What should your Board know about BSA "hot buttons" for third party oversight with remote deposit capture and other issues?
  • Are there any "free" resources for BSA board training?
  • What are four "best practices" for BSA?  
    • Require Periodic and thorough BSA reports
    • Devote adequate resources
    • Conduct appropriate BSA/AML Risk Assessments
    • Set the proper tone 
  • BONUS - participants will receive a manual and power point file for BSA Board Training; including a template for a BSA "Sample Board Report." The documents can be easily modified with your financial institution's specific information.

Who Should Attend?

This informative session is designed for senior management, Board members, Board Secretary, compliance officers, BSA officers, loan officers, and auditors.