Credit unions tackle BSA one position at a time

To help credit unions meet their Bank Secrecy Act (BSA) training challenges, CUNA has announced the launch of five new job specific BSA training programs.

These programs are designed to address the compliance requirements of credit unions by specific staff positions:

Operations Staff - This program addresses how to spot circumstances in daily activities when a Currency Transaction Report (CTR) and a Suspicious Activity Report (SAR) need to be filed. Participants will also learn what information must be gathered when members request wire transfers and understand what information must “travel” with that wire.

Consumer Lending Staff - Money launderers have been able to successfully use lending to get money gained from illegal activity back into the system and clean money back out. During this program, participants learn the red flags to spot potential money laundering specific to the credit union loan process.

Member Business Loans - Business lending offers many unique opportunities and challenges for credit unions, so specialized knowledge of business organizations, transactions and underwriting are essential for credit union staff in this area. During this program, staff will learn the importance of doing a thorough check of new business loan members using Member Identification Policy and Customer Due Diligence programs.

Tellers – A credit union’s tellers have daily contact with members and are the frontline defense against BSA violations. This training program will provide the knowledge of when to file a CTR and SAR as well as what information needs to be contained in those reports.

New Accounts Staff - While it’s a pleasure being able to shake the hand of a new member, the steps leading up to that moment require specific BSA actions. Participants of this program will earn the importance of conducting a thorough due diligence review with new members so the account activity can be monitored for any possible illegal activity.

These downloadable CUNA Training on Demand programs consist of a 30-45 minute video-like training presentation, a printable workbook and five online exams for optional testing. The portable presentations can be saved to a computer, DVD or USB drive for unlimited use. Each program sells to credit unions for $149; however, members of CPDOnline receive access to all Training on Demand courses and exams through their membership.

For more information please contact Ben Schweder, Vice President – W.C.U.L. Services Corp., at (800) 242-0833, Ext 6026.