- Industry: Banks & Credit Unions
Delivering required BSA/AML training across the bank
In response to regulatory examination results, the bank needed to develop enterprise-wide Bank Secrecy Act/Anti-Money Laundering (BSA/AML) training applicable to all major lines of business. The training is necessary for compliance with regulatory requirements.
Business-specific training content and a new delivery platform
To define and create enterprise-wide BSA/AML training courses specific to each line of business and their onboarding processes, the bank’s BSA/ AML training coordinator worked with a team from West Monroe Partners. West Monroe offered deep financial services regulatory expertise, including experience in helping organizations comply with the regulatory education requirements.
The project team designed the core BSA/AML training program for each line of business. The curriculum for each line of business included:
- An introduction to BSA/AML
- An institution-specific process and procedure course
- A line of business-specific course
- A final exam
To develop the courses, the team extracted relevant content from the bank’s existing training platform and combined it with new content the team created. The team also met with each of the lines of business to determine BSA/AML-specific processes and created content to address those needs. The project also included a plan for delivering the training within the necessary timeframes.
The project team evaluated the institution’s existing online training platform to determine whether it was feasible to deliver the new training material within the plan’s guidelines. Based on the assessment, the bank chose to select a new software vendor and technology platform. West Monroe assisted the bank with vendor negotiations in order to meet the timeline for delivering training.
Training that meets regulatory requirements
The bank now has an compliant BSA/AML training program that includes tailored content for each line of business. The program provides employees with specific instructions related to their roles within the institution – preparing them to perform their responsibilities in accordance with BSA/AML regulations.