What topics must be included in a financial institution's BSA training program?

The focus of a financial institution's Bank Secrecy Act (BSA) training program is to ensure that employees are equipped to recognize and report suspicious activities that could indicate money laundering or other financial crimes. Including information on detecting suspicious activities and filing Suspicious Activity Reports (SARs) is essential because it directly aligns with the primary objectives of the BSA, which are to combat money laundering and terrorist financing.

Training should cover the signs of unusual transactions, the types of activities that might require reporting, and the processes involved in filing a SAR. This knowledge empowers employees to take appropriate action when they encounter potentially illicit activities, thereby fulfilling the institution’s legal obligations and contributing to the broader effort of maintaining the integrity of the financial system.

In this context, other topics like investment strategies, loan origination processes, and customer service best practices do not address the critical compliance requirements outlined by the BSA. While those areas may be valuable for employee development, they do not specifically equip staff with the necessary skills to fulfill BSA obligations.