What records of the BSA training program do credit unions need to keep?

Credit unions are required to maintain comprehensive records of their Bank Secrecy Act (BSA) training programs to ensure compliance with regulatory standards and to demonstrate their commitment to anti-money laundering efforts. The correct answer encompasses all necessary components of the training documentation.

Keeping attendance records is essential because they provide a clear record of who participated in the training, helping to maintain accountability and ensuring that staff has received the required education on BSA compliance. This is crucial for internal audits and regulatory reviews.

Additionally, maintaining records of training and testing materials is important as it demonstrates the quality and relevance of the training content provided. This allows credit unions to showcase the specific topics covered during training sessions, which can be critical for justifying compliance efforts to regulators.

Lastly, documenting the dates of training sessions helps to establish a timeline of training activities, ensuring that employees receive periodic updates and refreshers on BSA regulations, which is vital for maintaining compliance with ongoing training requirements.

By keeping all these records, credit unions not only fulfill their BSA compliance obligations but also enhance their ability to respond to regulatory inquiries and demonstrate a commitment to fostering a culture of compliance within their organization.