Ongoing training is at the very heart of a satisfactory Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program in financial institutions. Training is especially important for the BSA officer, who “is expected to be fully knowledgeable about the BSA and all related regulations,” as a recent Federal Reserve Bank of Minneapolis publication noted.
“Due to the heightened knowledge and expertise required for BSA officers, their training requires resources beyond reading periodicals and online articles and/or completing general staff training,” the Minneapolis Fed’s newsletter said.
BSA officers know themselves that the demands of the job are extremely varied and constantly changing, so training can bolster their confidence and job satisfaction, in addition to meeting the regulatory requirements.
However, not every BSA officer can afford the time or expense of attending the major industry conferences held each year. Those conferences often involve travel and multiple days away from the financial institution. And beyond those events, it can be tricky to find affordable training that doesn’t require a costly new membership or subscription.
One option that makes it easy for BSA officers to complete required training is to attend regional meetings. These are usually less expensive, shorter, and involve less extensive travel than the larger national conferences. For example, Abrigo is hosting regional seminars in six cities across the U.S. between September and January. The Abrigo Regional User Groups are for users of BAM+, Abrigo’s BSA/AML software platform, and for industry colleagues who want to enhance their BSA/AML knowledge. The one-day meetings, eligible for 5.25 CRCM, 5.25 CAFP credits, and 2 CAMS credits, will include:
- Panel sessions featuring local and regional law enforcement discussing recent cases
- A session on BSA model governance, and
- A session on the risks of banking the cannabis industry
