Finding A Source For Bank Secrecy Act Training

Bank Secrecy Act training has become a necessity for many individuals employed within the finance sector. The Act which came into force in 1970, requires financial institutions to provide information on suspicious activities to the federal government. These reports are used to track and investigate criminal activities, financial misdeeds and money laundering. Those providing reports and investigating require certification to practice in this area.

Bankers and auditors in particular, need to have the skills and up to working knowledge of the statutory regulations. Courses are designed and aimed at two levels of students. Those already working within the sector, and those aiming to qualify and gain employment with a financial institution related to banking.

Depending on how the individual chooses to study, they can complete a course within a few weeks or a few months. Those individuals currently in a full time post, often choose to study in their own time on the internet, or attend seminars and evening classes to update their skills and knowledge. Others may choose a full-time class room experience is they have no other commitments on their time.

Company policies and procedures should encompass current legislation. In addition to setting out best working practices these documents provide guidance to employees on their role and responsibility. On the job and external learning opportunities are provided as part of the individuals personal development.

Those individuals who obtain certification, have to renew it at the end of each three year period. Applicants for renewal must provide proof of the continuing personal development with training records, relevant to their job. In additions they must be able to demonstrate that they have a current knowledge of statutory regulations and practices.

Undertaking Bank Secrecy Act training and certification, or any level of accountancy qualification, can be useful for those applying for positions with banks and the federal government. Questions on the 1970 Act and statutory regulations are likely to appear in end of term or course exams. It has become a standard part of syllabus work in finance related courses.