All financial institutions are subject to the Bank Secrecy Act, the primary anti-money laundering law in the U.S., but compliance programs vary widely depending on a particular bank’s size and complexity. Boards in particular are responsible for overseeing their bank’s BSA/AML compliance program and ensuring a culture of compliance throughout the organization, says Ashley Farrell, director in the risk advisory practice at Baker Tilly. And weak compliance can have serious implications for a bank.

To learn more, see Unit 33: BSA/AML Compliance Primer in Bank Director’s Online Training Series.

WRITTEN BY

Ashley Farrell