Bank Secrecy Act Compliance San Francisco 

Bank Secrecy Act Compliance San Francisco

Money service businesses and financial institutions throughout San Francisco and nationally have a legal obligation to comply with anti-money laundering laws set forth in the Bank Secrecy Act, or BSA. At CorCorm, LLC, our experts work with financial businesses throughout the country to design, implement, and review effective anti-money laundering and BSA compliance programs. To learn more about the Bank Secrecy Act compliance San Francisco and the requirements that may impact your business, please reach out to our professionals today. 

What Is the Bank Secrecy Act?

The Bank Secrecy Act (BSA) was first passed by Congress in 1970 as one of the first laws designed to fight money laundering in the United States. The BSA is designed to prevent financial institutions, such as banks, from being used as tools in money laundering and terrorist-financing crimes. Under the law, financial institutions, banks, and other money-service businesses are required to provide financial documentation to regulators. While the law originally targeted money-laundering crimes, it was expanded—most notably under the Patriot Act following September 11, 2001—to also prevent terrorist-financing activities.

The Financial Crimes Enforcement Network (FinCEN) is responsible for administering the BSA. FinCEN also requires financial institutions to adhere to a variety of complex requirements and compliance measures. 

How to Maintain Compliance with the Bank Secrecy Act

Under the Bank Secrecy Act, financial institutions must have anti-money laundering compliance programs in place. In order to maintain compliance, an anti-money laundering program should include the following elements:

• Risk assessment. The first step in designing a comprehensive anti-money laundering program is to assess a company’s money laundering and terrorist-financing crimes risk. By understanding risks, a program can be designed to specifically and effectively address risks.
• Compliance officer. Each anti-money laundering compliance program should be overseen and monitored by a compliance officer. Typically, the compliance officer is a principal employee within the company. 
• Written policies and procedures. All compliance programs must have a set of written policies and procedures that address risk assessment, mitigation, and response. All employees within the company should be trained on these policies and procedures to ensure compliance. 
• Independent third-party reviews and audits. While the compliance officer should be regularly monitoring and assessing the efficacy of the compliance program, in order to comply with the Bank Secrecy Act, financial institutions must seek third-party audits of their compliance programs. 

In addition to developing an anti-money laundering compliance program, financial businesses who are required to follow the requirements set forth under the Bank Secrecy Act must also adhere to certain reporting requirements. Businesses must file currency transaction reports for large cash transactions and must file suspicious activity reports if a transaction involves a suspected violation of the Bank Secrecy Act. 

How Our San Fransico Bank Secrecy Act Compliance Consultants Can Help

At Bates Group LLC, we understand that the requirements of the Bank Secrecy Act, as well as the complex compliance measures related to creating an anti-money laundering program, may be difficult to navigate. We also know how important compliance is for your business’s short- and long-term goals and wellbeing; failure to comply with the BSA can lead to civil or criminal penalties. For the expert support your institution requires, reach out to our consultants specializing in the Bank Secrecy Act compliance San Francisco today.