Effectively Identifying and Communicating BSA/AML Staffing Needs

Adequate BSA/AML staffing has been a widely discussed topic of conversation around the world in recent months. Unfortunately, for many financial institutions, this dialogue is nothing new – but what if you had the tools to express your staffing needs in the most impactful way? 

The urgency to adapt and expand BSA/AML teams with experienced staff persists as work demands increase, regulations expand, and new challenges present. One underlying problem that continues to be seen: How can you effectively communicate AML staffing needs to decision makers in such a way that it will result in meaningful change and impact? The old adage of fail to succeed does not translate well to highly regulated sectors, such as BSA/AML functions, as failures in these areas can result in a much greater fiscal impact than would staffing (fines and penalties vs. adding more staff). 

Key Takeaways: 

• Planning for needs in the now and the future – anticipating growth, impacts of changing regulations (AML Act of 2020, for example) 
• Understanding how to analyze current work volumes thoroughly and accurately  
• Availability of tools and resources to support analysis and impacts 
• Presenting defined data that is relevant and helpful to leadership 

This live session is eligible for 1 credit CFCS and 1.25 credits CAFP & CRCM.

Need help keeping up with suspicious activity monitoring? Learn more about how our expert AML consulting team can help.