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The Benefits of Cross-Training AML Generalist

The demand for Bank Secrecy Act/Anti-Money Laundering (BSA/AML) professionals is on the rise. Many financial institutions aim to fill open positions quickly or create specialized roles with a singular focus. However, limiting staff’s involvement poses a threat of shortcomings in an institution’s BSA/AML program. To combat this, financial institutions should train AML “generalists,” or financial crimes subject matter experts, with a wide range of knowledge in all areas of BSA. AML generalists are capable of supporting and enhancing a strong, compliant BSA/AML program.

Staff Your BSA/AML Program For Success

As regulators continue to focus their attention on the BSA/AML arena, the need for BSA/AML professionals is increasing. This is true for financial institutions of all sizes. While some smaller financial institutions can operate effectively with just one full-time employee dedicated to anti-money laundering control processes, this individual often has additional roles or responsibilities, creating conflicting priorities. That may mean that the individual has difficulty dedicating the time and resources that are needed to maintain a successful BSA program.

Conversely, some larger financial institutions employ entire teams dedicated to BSA. A large number of staff does not necessarily correlate with success, however. Depending on the experience and infrastructure of the staff, success often lies in quality, not quantity.

 

“Verify that staffing levels are sufficient to review reports and alerts and investigate items, and that staff possess the requisite experience level and proper investigatory tools.”

-FFIEC Exam Manual

 

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Your BSA/AML Department

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