The Act of 1970 was introduced to make it compulsory for financial service providers to report suspicious activity to the federal government. The federal government use the suspicious activity reports to investigate tax evasion, money laundering and any type of criminal activity. Bank Secrecy Act training and certification is essential for employees within financial institutions and federal government employees.
Bankers and auditors in particular, need to have the skills and up to working knowledge of the statutory regulations. Courses are designed and aimed at two levels of students. Those already working within the sector, and those aiming to qualify and gain employment with a financial institution related to banking.
The timescale for completion of the course, will be dependent on the method of learning. Those individuals already in work, can fit part-time, evening, seminars and online courses around their current working pattern. Alternatively, individuals can choose to sign up for a full-time course that will provide them with entrance qualifications into the finance sector.
All financial sector employees require to be familiar with the statutory and regulatory requirements in their specific area. Many employers provide in-house and external learning opportunities for their employees. They also provide a set of working procedures and policy documents to enable staff to adhere to the regulations.
Those individuals who obtain certification, have to renew it at the end of each three year period. Applicants for renewal must provide proof of the continuing personal development with training records, relevant to their job. In additions they must be able to demonstrate that they have a current knowledge of statutory regulations and practices.
All finance related courses in schools and colleges have integrated Bank Secrecy Act training modules into their course syllabus. Anyone studying on full and part-time basis hoping to be employed within the finance industry, should not be surprised to be questioned on this area in their final exams.
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