Compliance training: A refresher on credit union staff training requirements

Every so often, we get questions about various training requirements found in the rules and regulations affecting credit unions.  We have written about this topic in the past (member only), but a new year always feels like a good time for a refresher on most things, training requirements included.  Read on for a summary of some of the hot-ticket training requirements that credit unions should be aware of.

Bank Secrecy Act/Anti-Money Laundering

Section 748.2(c)(4) of NCUA’s regulations requires credit unions to “provide training for appropriate personnel.”  Additional guidance issued by NCUA outlines the expectation that “every credit union should perform at least annual training on BSA.”  However, the NCUA does not expect every credit union to perform the same BSA training; it should be appropriate to the credit union’s risk profile.

Additional training guidance can be found in the FFIEC’s BSA/AML Manual.  The Manual states that “training should be tailored to each individual’s specific responsibilities, as appropriate.”


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