Welcome to the Compliance Cohort. We are a group of compliance professionals working to make compliance easier. Our goal is to take complex compliance concepts and put them in simple terms that apply to the real world. We are glad you have found us and look forward to collaborating in the future.
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The FFIEC BSA/AML Exam Manual outlines the training expectations of the regulators. In short, the regulators expect that employees be trained appropriately based on their position, as well as the size, complexity, and risk profile of the financial institution. This includes both ongoing training for employees, as well as training for new employees. In fact, the Exam Manual states this about new employee training: “An overview of the purposes of the BSA and its regulatory requirements are typically provided to new staff during employee orientation or reasonably thereafter.”
In reality, training new employees on BSA/AML/CFT during the orientation process can be a bit challenging. First, employees are often a bit overwhelmed with the vast amount of new information coming at them within the first few days of employment. This is especially true for new employees who are new to the banking industry as this is the first time they are hearing many of the banking-specific acronyms we use on a regular basis (FDIC, OCC, CFPB, HMDA, CRA, CAMELS, ALCO, OREO, CAT, BSA, AML, CIP, CDD, EDD, ECT….. KWIM?). Therefore, it is important that those conducting training for new employees provide BSA/AML training in a way that not only covers the regulators expectations of providing “an overview of the purposes of the BSA and its regulatory requirements”, but also enables new employees to comprehend the information and not become completely overwhelmed.
The truth is that new employees likely need multiple levels of BSA/AML training in order to fully grasp the concepts they need to understand for their positions. This could be broken down simply as a three part approach to BSA/AML training, including 1) orientation training, 2) on-the-job/ training (i.e. job-specific), and 3) annual/ongoing training. Having a separate new employee BSA/AML training session ensures that each new employee is provided an overview of the purposes of the BSA and its regulatory requirements, without overwhelming new employees during the orientation process of their first few days of employment.
Our New Employee BSA Training program is designed to be an “outsourced” option of sorts for your financial institution to deliver BSA/AML training to new employees during their new employee orientation process. Our goal in creating this program was to provide you with an alternative to many of the “online modules” that are available for new employee training. While “online modules” can check a box to ensure training was received, online modules often don’t help employees actually learn how BSA/AML rules apply to them and your organization. Therefore, our approach to our New Employee BSA Training is that we talk to your employees just like you hired us to train them individually at orientation.
Our New Employee BSA Training program takes just over 30 minutes to complete. The program begins with an overview of BSA/AML rules as well as an explanation of money laundering. The program then provides a brief history of BSA laws, including the USA PATRIOT Act, followed by a general discussion on your BSA policy and your BSA Officer (which you will need to provide to attendees). The program concludes with a review of the key elements in your BSA program, such as CTRs, SARs, suspicious activity and structuring, CDD, EDD, OFAC, and so on.
Our New Employee BSA Training program will be delivered through a private portal specific for your financial institution, where you will have access to it for one year (which can be renewed thereafter). We will provide you with a simple web address (URL) and a password that can be used for all of your new employees. If you would like to learn more about how this program is delivered, watch the video below for an explanation of how we set up the training for this program.
This program would be good for banks and credit unions who would like to “outsource” their new employee BSA training.
Regular: $399/yr. NOTE: Your purchase will include access to our training program through a private portal for 12 months. At the end of 12 months, you can renew your access or it will expire.
PREVIEW THE CLASS BEFORE YOU BUY? If you would like to demo this class before you purchase it to make sure it's what you are looking for, just let us know and we can work something out. We understand that training for new employees needs to be a good fit, so we are happy to let you see exactly what you will get with this program. Just reach out to us by email or use the contact link on this website.
The class is designed to provide an introduction to BSA/AML for new employees. The total time of video instruction in this program is 31 minutes.
This program provides a high-level overview of:
What is Money Laundering?
History of BSA Laws
BSA Policy and BSA Officer
Key Elements of a BSA program
All of our Compliance Classes are presented in our virtual classroom approach. This approach is designed to bring the presenter to you (at a fraction of the cost of having a live person) and includes a video of the presenter in front of a slide presentation that replicates a typical seminar environment. In addition, our presenters take a three-part approach to compliance instruction: to educate, to empower, and to entertain. This is achieved by focusing on relevant topics, speaking in simple to understand, layman's terms, and by keeping it light and humorous whenever possible. We have found that this "3-E" approach allow students to learn as quickly and effectively as possible. And, it adds a little bit of fun to an otherwise dreadful topic.
We believe in our training products so much that we are offering a 100% money back guarantee within the first 10 business days after purchase. If you do not feel that you received the value promised for this training session, contact us within the first 10 business days after purchase and we will either make things right or provide 100% of the purchase price back to you.
