Training Overview
Associated Risk Group develops customized BSA training programs based on the results of your institution's Anti-Money Laundering risk assessment. The risk assessment lays the groundwork for building each of the four pillars within BSA which includes training. The risk assessment is reviewed closely by the regulators and involves a comprehensive evaluation of your products, services, customers, and geographies to determine the level of risk for money laundering within each area. Associated Risk Group leverages this information to educate your employees and senior management.
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Step 1: Determining Training Frequency
The regulatory guidance generally expects all institutions to conduct BSA training at least annually. However, given the complexity of some institutions, many have decided to provide training on a quarterly or monthly cycle to address employee turnover and place additional emphasis on specific areas that might be at risk for potential money laundering activity.
The regulatory guidance generally expects all institutions to conduct BSA training at least annually. However, given the complexity of some institutions, many have decided to provide training on a quarterly or monthly cycle to address employee turnover and place additional emphasis on specific areas that might be at risk for potential money laundering activity.
Step 2: Evaluating "Who" to Train
Training should also be provided to senior management and the board of directors. Previous enforcement actions have identified situations where the management team failed to understand their responsibilities and establish a "top down" approach.
Training should also be provided to senior management and the board of directors. Previous enforcement actions have identified situations where the management team failed to understand their responsibilities and establish a "top down" approach.
Step 3: Affordable and Applicable Training
Each employee plays an important role within your company. Associated Risk Group can deliver a training program which is applicable to each job function and encourages employee interaction. Some individuals learn better sitting in a class room while others prefer the convenience of web training or reading a manual. Regardless of your training preference, Associated Risk Group can develop a program that meets your needs.
Each employee plays an important role within your company. Associated Risk Group can deliver a training program which is applicable to each job function and encourages employee interaction. Some individuals learn better sitting in a class room while others prefer the convenience of web training or reading a manual. Regardless of your training preference, Associated Risk Group can develop a program that meets your needs.
