A Direct Line Blog

By Donya Parrish, MCU VP Risk Management

Believe it or not, fall is almost here. For many of your credit unions, that also signals the time for your board of directors and supervisory committee to complete their Bank Secrecy Act (BSA) training. We have good news and have provided the tools to help you accomplish it!

Each year, your whole board attends required BSA training in some format — with a speaker at a board meeting, a Zoom meeting, a pre-recorded webinar, or a session each board member watches individually. Whatever fits your preference and schedule, an updated option is now available for you.

A newly recorded Bank Secrecy Act Board Edition can be found on our Director Training Tools page. For your convenience, the pre-recorded webinar and handout can be used as a full board or individually. Those viewing it at home or on their personal time should attest to the BSA Compliance Officer and/or CEO in an email that they have viewed it, and also plan some time to discuss questions on the credit union’s program.

In addition, a newly recorded training session just for supervisory committee members is also available. You can also find the Bank Secrecy Act Supervisory Committee Edition on the Director Training Tools page (look under the “supervisory committee training” section). It focuses on the committee’s role and includes details on expectations for state-chartered credit unions in Montana, and suggestions on compliance steps for monitoring that the committee is expected to do.

As a certified BSA compliance specialist, my goal is to provide relevant information in the sessions without getting into too many details on how to comply. Let me know if you have any questions or if you prefer to schedule a live BSA session during a board or supervisory committee meeting. My goal is to help you be in compliance, so don’t hesitate to ask if I can help!