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Article: Put your BSA/AML program into shape: better BSA exams start by giving your existing program a tough once-over.(Compliance Clinic)(Bank Secrecy Act)(anti-money-laundering duties)
- Article from:
- ABA Banking Journal
- Article date:
- October 1, 2008
- Author:
CopyrightCOPYRIGHT 2008 Simmons-Boardman Publishing Corporation. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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How seriously does your bank's workforce take Bank Secrecy Act and anti-money-laundering duties? As an indicator of the compliance atmosphere in your shop, when was the last time one of your employees failed a Bank Secrecy Act test?
Not a real-life test, such as someone attempting to structure deposits. But rather, when was the last time a new employee, or an experienced employee receiving refresher training, failed one of the bank's own BSA/AML quizzes?
Chances are, suggested Brian J. Wimpling, everyone who takes your bank's tests passes.
While this may send employees back to the front lines with some confidence in their ability to detect ...