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Can you summarize Assessing the BSA/AML Compliance Program > BSA/AML Training (2020)?
Assessing the BSA/AML Compliance Program > BSA/AML Training (2020)
Short Summary
This document pertains to the development and delivery of a Bank Secrecy Act/Anti-Money Laundering (BSA/AML) training program to appropriate personnel within banks. The objective is to ensure that banks have a comprehensive training program that covers relevant aspects of the BSA, regulatory requirements, supervisory guidance, and the bank’s internal BSA/AML policies, procedures, and processes. The training should be tailored to each individual’s specific responsibilities and may require targeted training for specific risks and requirements applicable to certain business lines or operational units. The document emphasizes the importance of training for the BSA compliance officer, BSA compliance staff, board of directors, and senior management. It also highlights the need for documentation of training programs, materials, attendance records, and any corrective actions taken. The training program should reinforce the importance of compliance with the BSA and provide examples of money laundering and suspicious activity monitoring and reporting. The document further mentions the requirement to provide training for agents responsible for BSA-related functions and the need to maintain appropriate documentation. Overall, the document aims to ensure that banks have a robust BSA/AML training program in place to mitigate risks and maintain compliance.
Whom does it apply to?
Banks and their personnel
What does it govern?
BSA/AML training program and delivery of training to appropriate personnel
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
U.S. Federal Government