Bank Secrecy Act Compliance in San Francisco

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Bank Secrecy Act Compliance in San Francisco

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. 

Compliance Can Be Complicated

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.

Developing BSA Compliance Programs

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:

  • Assessing the risk for the business’s specific operations, clients and customers, services, location, and other factors
  • Designing and implementing policies and procedures for each and every role in the company and each transaction type the company conducts. Policies need to spell out best practices for each employee and their responsibilities when it comes to BSA compliance. 
  • Regularly training each employee regarding their roles and responsibilities when it comes to BSA compliance to ensure they are taking proper measures with every transaction. 
  • Reviews and audits by an independent party to ensure that the BSA compliance program is working as it should, as well as to identify any risks or gaps in the program’s effectiveness.

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. 

Learn More About Bank Secrecy Act Compliance in San Francisco

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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