Which of the following is NOT one of the five pillars of an effective BSA/AML compliance program?

The collection of member feedback is not recognized as one of the five pillars of an effective BSA (Bank Secrecy Act) and AML (Anti-Money Laundering) compliance program. The five pillars generally include the designation of a BSA compliance officer, the development of internal policies, procedures, and controls, employee training, independent testing, and the creation of a customer due diligence program.

Focusing on the core elements of a BSA/AML compliance program, the designation of a BSA compliance officer ensures that there is a responsible individual overseeing compliance efforts, which is vital for accountability and effective management of the program. Providing training for appropriate personnel is crucial for ensuring that employees understand their roles in detecting and preventing money laundering and terrorist financing activities. Lastly, independent testing helps to evaluate the effectiveness of the compliance program, allowing for improvements and ensuring adherence to regulations. These components help organizations build a robust framework for compliance that actively mitigates risks associated with money laundering and other financial crimes.