A Direct Line Blog

By Donya Parrish, MCU VP Risk Management

Does it feel like you just completed your Bank Secrecy Act (BSA) training and it’s already time to do it again? This somewhat dull topic has to be repeated every year for your credit union to stay compliant, so it might feel like a chore to go through the steps to complete the training requirement. That’s where we are here to help!

Our pre-recorded webinar — Bank Secrecy Act for Directors — was recently updated. You can find the hour-long session on our Directors Training Tools page (look under the “Bank Secrecy Act” section). The best part is that it’s free and you don’t need log-in credentials to access it. View it when it fits your calendar, although we do recommend that your board consider watching it as a group and having a discussion with your BSA Compliance Officer to address any questions specific to your credit union’s program.

In the session, I review changes in the last year that might impact your BSA program, cover the basics of the regulation, highlight the landscape of marijuana regulations at the state and federal levels, and even include a few news stories about where things went wrong for some institutions. Give it a watch and check it off your “to do” list for another year!

If your board prefers a Zoom or in-person discussion on the topic, contact me, and I am happy to schedule a session. For those of you that are supervisory committee members, your version of the 2022 BSA training will be available soon.