BSA Officer Part 2: BSA Reporting to the Board

The board of directors is ultimately responsible for ensuring your institution maintains a system of internal controls to make certain there is ongoing compliance with BSA regulatory requirements. Since directors don’t oversee day-to-day operations, they must rely on the information provided by the BSA officer and management when making the strategic, risk-based decisions needed to ensure compliance and avoid costly incidents of fraud. What’s more, recent BSA enforcement actions have cited lack of board and management oversight as a significant violation.

BSA officer communication with the board starts with effective initial and ongoing training and continues with periodic reporting to keep directors informed about your BSA program and the ever-changing regulatory environment. This session will address appropriate training content as well as the frequency and type of BSA/AML/CFT reporting most needed by the board. It will highlight the details that directors need most to support their decision-making and enhance their understanding of your institution’s BSA/AML risks. It will also cover the current BSA hot buttons your board needs to know to ensure your institution has implemented appropriate controls and dedicated resources to the areas of highest risk.