Bank Secrecy Act- BSA Compliance

The Bank Secrecy Act (BSA) compliance is intended to safeguard the U.S financial system from the abuses of financial crime, including money laundering, terrorist financing and other illicit financial transactions. BSA compliance creates an investigative “paper trail” by establishing bank regulatory compliance requirements such as recordkeeping and reporting standards for banks and other financial service providers. The bank regulatory compliance requirements necessitate financial institutions to implement adequate risk management measures which include risk-based recording and monitoring systems to identify, research and report suspicious activity, emphasizing high-risk products, services, customers and geographic locations particular to the institution.

Failures and lapses in BSA compliance may lead to various sanctions and ultimately to a cease and desist order. Banks require regulatory compliance with the BSA and this is where the risk management services offered by Enterprise Risk Management can help your bank. Our seasoned consultants can help with the following BSA compliance aspects:

1. Perform an independent BSA compliance audit
2. Perform and document a comprehensive BSA risk assessment
3. Establish and document an effective BSA Compliance Program
4. Establish an effective Customer Identification Program
5. Establish effective Customer Due Diligence
6. Establish effective Suspicious Activity Reporting and Currency Transaction Reporting
7. Establish effective information sharing practices to achieve BSA compliance
8. Establish effective purchase and sale of monetary instruments recordkeeping and monitoring practices
9. Establish effective fund transfer record keeping and monitoring practices
10. Establish effective correspondent account and private banking due diligence
11. Establish effective policies, procedures and processes to handle FinCEN special measures
12. Establish effective foreign bank and financial account reporting practices for BSA compliance
13. Establish effective international transportation of currency or monetary instrument reporting practices to attain BSA compliance
14. Establish effective OFAC practices
15. Develop or perform an independent evaluation of the MIS automated systems used to record, monitor and report BSA activities