The Bank Teller & The Bank Secrecy Act

Since inception, the Bank Secrecy Act’s impact on the teller position has been, in large part, about complying with the regulation’s requirement to report and/or maintain information on certain cash transactions. Your financial institution will provide you with required Bank Secrecy Act training. Use this checklist to verify your expertise.

Bank Secrecy Act Checklist for Tellers
Question
Yes/No
The teller can explain how BSA impacts work on the teller line
The teller is aware of who at the company can provide guidance on BSA
Training has been provided for the teller on the following:
·        The distinction between placing a hold and sending an item for collection
·        The company’s Customer Identification Program (CIP)
·        Rules that impact cash transactions specifically:
  • $3,000 Monetary Instruments rule
  • Greater than $10,000 Currency Transactions rule
  • Suspicious Structuring of Cash
How to complete work expected of the teller that relates to the rules
How to discuss following the rules, when applicable, with the customer
How to handle uncooperative customers when obtaining required information for BSA reporting
Identifying and reporting suspicious activity for any combination of transactions that are not “the norm”

This is just an example of the types of training tools you will find in our Essential Teller Issues manual.  Each of your tellers should have one.  Train them, coach them and raise the bar on the teller line!

Still learning,

Honey