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A Direct Line Blog

Annual BSA Training Options

August 16, 2017 7:30 am

By Donya Parrish

Remember the famous Yogi Berra quote “its like deja vu all over again”? That is how the requirement for annual training on the Bank Secrecy Act can feel. It is not the most exciting regulation to start with, and having to review it every year when little has changed makes it challenging for the audience to be engaged. Add to that the fact that the board even has to be trained and you can almost hear the eye rolling start.

Because my role at MCU involves ensuring that our affiliated credit unions have access to free training on BSA in a variety of formats, I spend a lot of time looking for stories and scenarios that can add some element of excitement or new perspective to the topic. Some years I am more successful than others, but I took a lot of time in 2016 to revamp the BSA for Directors webinar to be more specific to the board role in BSA, and not bore you unnecessarily with detail you simply don’t need.

The revised format was well received, so it was continued this year. The BSA for Directors training module is now available on our website with 2017 updates included. It is 45 minutes long and specific to the board’s role in oversight of the credit union’s program to combat money laundering and terrorist activity.

Many credit unions prefer to have a CD they can pass around to various board members or show at the board meeting itself. I am happy to send one your way, so let me know if you prefer that format. In person or phone training for your board is also an option. Staff will have an additional option of the 10-day email series in late November. We know this topic is important to examiners and want to help you get into compliance.

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