Bank Secrecy Act Compliance for Volunteers

Volunteers, including board members and committee participants, play an important oversight role in a credit union’s Bank Secrecy Act (BSA) compliance program. Regulators expect that individuals in governance and oversight positions have a general understanding of BSA/AML requirements, associated risks, and their responsibilities in ensuring an effective compliance program.

This course is designed specifically for volunteers and provides a high-level, practical overview of key BSA concepts, including:

• Purpose and background of the Bank Secrecy Act
• Role of government agencies in BSA/AML enforcement
• Overview of money laundering and terrorist financing
• Potential penalties for non-compliance
• Latest developments impacting BSA requirements
• Board of director responsibilities and oversight expectations
• Core components of an effective BSA compliance program
• Overview of Suspicious Activity Reports (SARs)
• Office of Foreign Assets Control (OFAC) requirements

This session focuses on governance, risk awareness, and oversight—not day-to-day operational responsibilities—helping volunteers fulfill their duties with confidence and ensure the institution maintains a strong culture of compliance.