BSA Training for Trust Area

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Question:

Our Trust area was recently criticized in an audit because the area completed an e-learning training session for BSA training. The auditors indicated that the trust area should have "enhanced" BSA training. Could you provide me what type of additional information may be needed for the Trust area (we cover anti-money laundering, CTRs, SARs, etc. - the usual information). Do you of know of any software or training material that is geared toward the Trust area?

Answer:

It will be difficult to find a software product that will accurately address the training requirements of the Trust department. The tricky part is that every Trust account is set-up differently depending on the individual customer needs and requirements. Trust Officers are naturally driven by generating revenue and many times fail to understand their responsibilities related to BSA and AML. Depending on the total number of Trust Officers in your institution, it might be beneficial to create an in-house training sessions that addresses risk within the Trust area and creates a forum for open discussion. Once real life examples of suspicious activities are shared, these Officers will reflect back on their past customers and begin to scrutinize future account activity differently.

First published on BankersOnline.com 2/7/05