AIMing for Excellence: Optimizing the BSA/AML Training Program as an Effective and Efficient Control, and Audit’s Contribution to this Pursuit

Author: Kathleen O. Smith, CAMS-Audit

Compliance professionals within financial institutions strive constantly to achieve best in class, and generally view training as a critical tool in achieving this pursuit. Training can truly be an organization’s first, last and best control. Despite the best intentions, budget and resource considerations may present formidable challenges in this endeavor.

An organization’s Bank Secrecy Act/anti-money laundering (BSA/AML) training program should be dynamic and continuously assessed, improved and maintained given audit outcomes, in concert with the overall BSA/AML program. This paper’s objective is to illustrate audit’s key contribution in the organization’s design, delivery and management of training. Consideration throughout will be given to training as an optimal control, using a continuous program enhancement approach.

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