All money services businesses (MSBs), including traditional banks and smaller operations, need to make sure they are in full compliance with the Bank Secrecy Act (BSA) and related laws. This is a major aspect of your operations, and failing to ensure proper compliance can be costly for your company.
Designing and implementing a comprehensive and effective BSA compliance program is essential, though it can be a complicated and time-consuming process. Many MSBs skimp on this process, only to face the consequences down the road. The best course of action is to consult with professionals who provide assistance with Bank Secrecy Act compliance in San Francisco.
Many companies believe they are adequately complying with BSA requirements, only to face difficulty from the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). FinCEN changes its policies and guidance regularly, and it is necessary to keep up with the current guidelines. This can be challenging for MSB owners and managers who need to focus on daily operations and business objectives.
This is why the team at Bates Group LLC, is ready to provide assessments and advice regarding your BSA compliance. We stay up to date on the changing policies so that you do not have to do so. Learn more about how our compliance experts help businesses like yours by reaching out to our team today.
Your BSA compliance program must be carefully developed to cover all possible risk areas and ensure that every staff member knows their role in compliance. Each company should have a unique program and policies directly tailored to its specific operations, and the program should include:
In addition, your operations and BSA requirements by FinCEN will change over time. If your policies and procedures fail to cover all the bases due to certain changes, you need to assess and adapt your compliance program accordingly.
Implementing and assessing the effectiveness of a Bank Secrecy Act compliance program can be a full-time job – and you already have a full-time job running your money services business. You should not wait to seek help from the professional consultants from Bates Group LLC. From the initial development of your policy to gap analysis and training, we can help, so contact us for more information.
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