For Bank Directors to Take AML Training Seriously, Tough Talk, Persuasion Are Essential

By Matt Squire

Bank compliance officers have a tough time getting their institution's directors to take Bank Secrecy Act-related training seriously. Revenue-minded directors have little interest in learning the nuances of a cost center that they often view as a necessary evil, compliance professionals say. "Boards can be unaware and even completely oblivious to the stringent requirements of BSA and anti-money laundering (AML) compliance," said Marie Kerr, president of ShamrockAML, a consulting firm in Annapolis, Maryland. As a result, Kerr says, many do not wish to spend money in an area that they don't understand. Training bank personnel, including the board of directors,...