The Bank Secrecy Act / Anti-Money Laundering (BSA/AML) refers to a series of regulations in the U.S. that are intended to promote transparency from financial institutions. According to the Federal Financial Institutions Examination Council (FFIEC), banks are required to develop programs for maintaining BSA compliance with the goal of preventing money laundering and criminal tax and regulatory violations. Bates Group’s AML and Compliance Services are geared towards helping banks and other non-traditional Money Services Businesses in San Francisco and across the country to develop effective compliance programs.
The Bank Secrecy Act is another name for the Currency and Foreign Transactions Reporting Act, which was passed in 1970. The law passed requirements for applicable financial institutions to maintain records with the hopes of helping to identify currency moving in and out of the country and to aid law enforcement and regulatory agencies as they pursue investigations of financial crimes.
The Bank Secrecy Act has since been expanded upon several times, including the Money Laundering Control Act of 1986 and further regulations created following the terrorist attacks of September 2001. The Money Laundering Control Act made knowingly assisting in money laundering a criminal offense, and additional regulation shortly after resulting in the requirement for banks to develop compliance programs.
The list of businesses that must comply with BSA/AML regulation is extensive, and so it is a good idea to consult an expert if you are uncertain. Some of the most notable businesses include banks, credit unions, brokers, investment companies, and currency exchanges. However, there are other businesses that apply which may not be traditionally thought of as a financial institution (for instance, some jewelers could be included).
BSA/AML compliance programs, as described by the FFIEC, will differ in structure from institution to institution but will generally include some combination of risk management, suspicious activity monitoring and compliance training. At Bates Group, our focus is helping banks develop or improve their compliance programs in an effort to help manage risk and keep up to date on the changing rules and regulations. Our compliance experts can work with your program in San Francisco to look for gaps and identify necessary updates to help you work towards up-to-date policies and procedures.
Developing policies and procedures that everyone in your company can follow is just one part of an effective compliance program. Regular training and updates on those procedures may be necessary as regulations change. The team at Bates Group LLC can review your existing policies to see where changes might be necessary.
At Bates Group LLC, our goal is to work with you and your business in the San Francisco area to develop policies and procedures that will maintain compliance with BSA/MLA regulations and manage the associated risk. To learn more about our services or schedule a consultation, contact us today.
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