BSA: Knowing Your Customer

New employees often have a huge learning curve. Not only do they need to be trained on their primary duties, they also need to have training on the Bank Secrecy Act. While BSA training can (and should) be tailored to an employee’s specific role/responsibilities within the financial institution, it is an important piece of your overall BSA/AML program. The concept of “knowing your customer” can be quite foreign to some, especially those that are new to working in a financial institution. The goal of knowing your customer involves a lot of different parts that all work together. There is your Customer Identification Program, Customer Due Diligence and Enhanced Customer Due Diligence policies and procedures, Beneficial Owners, etc. Knowing the ”why” behind these requirements will help new employees (and even long time employees) understand and buy in.

Kevin explains more in the video.


BSA Resources!


Published
2024/05/06

 

Kevin Edwards

Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).

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BSA: Knowing Your Customer
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