Financial sector employees and those who work for the federal government in finance related roles, require to have a working knowledge of relevant legislation. The Bank Secrecy Act training and certification has been developed to meet the requirements of the Act introduced in 1970. The Act allows the federal government to obtain reports from financial sources that may indicate criminal activities.
Courses provide information on the statutory regulations. Courses are aimed at individuals working in businesses within the financial industry, such as banks, auditors and other financial services. There are also a number of student courses aimed at those preparing to work in the finance industry in the future.
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.
Employers are obliged to provide employees with a set of policies and procedures in relation to their role in the company. These documents must be written and updated, taking into account any statutory regulations and changes. In addition to in-house briefings, employees are provided with opportunities to attend external courses and seminars to keep them up to date with current legislation.
Individual who successfully pass their exam, are required to renew their certification every three years. In order to renew their certificate, individuals must provide evidence of their continuing personal development in relation to their work role. Applicants for renewal of their certification must be able to demonstrate that they have kept up to date with changes in relevant legislation.
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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