325+ NJ CU Professionals and Volunteers Participate in NJCUL BSA Virtual Training

HIGHTSTOWN N.J. – Since the program’s launch in April, over 325 management, staff, and volunteers of New Jersey Credit Union League (NJCUL) member credit unions have taken the NJCUL’s Bank Secrecy Act (BSA) virtual training to fulfill annual regulatory requirements.

Federal law and National Credit Union Administration (NCUA) regulation requires all financial institution staff and board members to receive BSA training once every 12 months. Each registered participant of the NJCUL’s online BSA training that passes the online BSA quiz receives a certificate of successful completion that satisfies regulatory requirements.

The convenient, affordable, on-demand training helps credit unions meet the law’s objectives, including the BSA-assigned requirements for record keeping and reporting. Also, the training teaches proper maintenance under BSA for records that could provide evidence potentially used by law enforcement agencies in prosecuting money laundering and other financial crimes.

The staff training session will focuses on:

  • When and How to correctly complete a CTR
  • When and What is required to correctly complete a SAR
  • Customer Due Diligence (CDD) requirements and the 'Fifth Pillar'
  • Identifying money laundering and suspicious activity
  • Wire transfer requirements
  • Customer Identification Program (CIP) and OFAC compliance

The volunteer training session focuses on:

  • Money Laundering, BSA, USA PATRIOT Act, and OFAC
  • BSA Program Elements
  • Consequences of Noncompliance
  • Risk and Duties to Institutions
  • Internal Procedures and Controls
  • Role of the BSA/AML Officer
  • Independent Testing
  • Required Training
  • Currency Transaction Reporting
  • Suspicious Activity Reporting
  • Record keeping
  • Customer Identification Program
  • Section 314(a) List Checking

BSA training programs and the information they provide have proven valuable in combating a variety of financial crimes and potential losses to credit unions.