Edcomm’s Banker’s Academy Bsa/aml Compliance Training –in Compliance And Ahead Of The Curve

Aug. 24, 2007 - PRLog -- (NEW YORK, NY) – August 24, 2007

In a financial institution letter issued August 23, 2007, the federal financial regulatory agencies, including the Board of Governors of the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), Office of Thrift Supervision (OTS) and National Credit Union Administration (NCUA), issued a statement updating the anti-money laundering requirements of the Bank Secrecy Act. Regulated banks and credit unions may now be issued cease and desist orders if they fail to establish and maintain a BSA compliance program and if they fail to correct an identified problem with their BSA compliance program.

Requirements for the BSA/AML compliance program include:

•   Internal controls to ensure BSA/AML compliance.
•   Independent compliance testing.
•   Personnel responsible for coordinating and monitoring compliance.
•   Appropriate training for all bank and credit union employees.

Edcomm’s Banker’s Academy Focus on Compliance programs for banks and credit unions were updated immediately upon receipt of the letter to ensure that their programs are always up-to-date and accurate.

Focus on Compliance, from Edcomm’s Banker’s Academy, is an eLearning program which can be delivered via Internet, Intranet or CD-ROM that teaches regulatory compliance in an interactive, self-paced format. Participants learn from their own perspective, with a curriculum customized to their position. Specifically for BSA/AML, Focus on Compliance covers: Bank Secrecy Act (BSA), Anti-Money Laundering (AML), USA PATRIOT Act, including sections 314a and 314b, currency transaction, monetary instrument and suspicious activity reporting (CTRs, MILs, SARs), due diligence, customer identification program (CIP), money services businesses (MSBs) and OFAC, among others.

For more information about programs like this, or to find out how The Edcomm Group can customize any training program, log onto www.bankersacademy.com or call 888-433-2666.

The Edcomm Group is a 20-year-old multimedia education and communication consulting firm specializing in the development of creative business solutions that improve productivity, customer service and market share - providing bottom-line results. The Edcomm Group has had the privilege of assisting many distinguished clients with business solutions in the form of eLearning programs, classroom instruction, multimedia production and online and print based documentation. Edcomm's Banker's Academy offers many off-the-shelf and customized courses such as Teller Training, Compliance Training and Systems Training specifically designed for Banks, Credit Unions and Money Services Businesses (MSBs).

The Edcomm Group (www.edcomm.com) (www.bankersacademy.com) is headquartered in New York City with an Advanced Design Center located in Fort Washington, Pennsylvania.

Website: www.bankersacademy.com