Magazine article American Banker

Two Computer Courses on Bank Secrecy Act Rules

Magazine article American Banker

Two Computer Courses on Bank Secrecy Act Rules

Article excerpt

Two products have been developed to teach bankers the ins and outs of revised Bank Secrecy Act regulations - a major source of consternation at recent compliance conferences and seminars.

The programs are designed to give each employee identical lessons, let them proceed at their own pace, and show regulators that the training took place.

"No matter how good the trainer is, there are times when a person is just not at their best," said Charles A. Intriago, publisher of Money Laundering Alert newsletter.

"A computer program never gets a headache, never misses a plane, and its dog never dies. It's consistently good - and available on demand."

Compliance Series: The Bank Secrecy Act, a CD-ROM product released this spring by Micromentor of Cambridge, Mass., walks bankers through screen after screen on currency transaction reporting rules. The program, which takes about an hour to complete, concludes with a quiz that employees answer on the screen. This final exam includes four case studies and a sample currency transaction report, which must be filled out correctly to pass the program.

Alert2100 is to be released this winter by Miami-based Alert Publications Partners. It was developed in cooperation with Citibank, Wells Fargo Bank, and Bank of America. Using video and computer animation, the program will discuss suspicious-activity reports, know-your-customer policies, and record- keeping requirements.

"There will always be a need for these products," said Stephen A. Kase, general counsel at Baylake Bank in Sturgeon Bay, Wis. "So many bankers have so little time to do training that these help."

Lucy H. Griffin, president of Compliance Resources Inc. in Falls Church, Va., said computer-based training products are popular because everyone who completes the program receives exactly the same messages. A computer won't forget to address something or contradict itself accidentally as a person could, she said. …

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