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NAFCU began a multipart series on Bank Secrecy Act compliance this week that seeks to help credit union compliance staff build a "bulletproof" BSA program.

Wednesday's webcast was the first in a series of six presentations set to cover the history of the BSA, examinations, reporting forms and more.

Lafayette Federal Credit Union Vice President of Compliance and Security Lynn English led the introductory webcast and discussed the purpose and history of the law.

"It's to protect us, it's to protect the country – even down to the individual person," English said. "Each employee – such as yourself – has a role to play in a successful BSA program."

English noted that after the creation of the law in 1970 to detect and prevent the movement of illicit funds, the focus of the BSA grew to include combating the proliferation of terrorism financing after 9/11. She also discussed the basics of BSA reporting and record keeping, including currency transaction reports and suspicious activity reports, as well as how to identify the typical phases of money laundering activity.

The webcast will be available on demand through NAFCU's Online Training Center for a year. The next webcast in the BSA series will focus on member due diligence.