Bank Secrecy Act Compliance

May 6, 2016

Map of Countries Under Sanction by the US Government

Compliance with regulations coming from governments and from industry associations is a big problem for our clients – whatever the industry. In working with several banks over the years, we’ve become adept at identifying gaps and designing solutions for one of the most wide-reaching regulations for such organizations: the Bank Secrecy Act – aka “BSA”.

The BSA was passed by the US Congress nearly 50 years ago. It stipulates reporting and auditing that banks must perform on themselves and their customers to identify potential money laundering, terrorist financing, and other criminal financial activities. Its requirements have only grown over the years – especially since the 2001 terrorist attacks in the US – when the federal government heightened requirements on banks and financial institutions to “partner” with it in fighting terrorists and their financial networks. Read more