BSA Important Issues: New Mandates, Requirements and Recommendations

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The Bank Secrecy Act (BSA) is a US law that fights money laundering and other financial crimes. BSA requires businesses to keep records and file reports that are determined to have a high degree of usefulness in criminal, tax, and regulatory matters. Individuals and financial institutions who fail to comply with BSA requirements may face severe penalties and for more serious offenses, prison sentences.  BSA rules and regulations must be followed by financial institutions. Although financial institutions have been managing BSA operations in accordance with regulatory requirements, the shift to BSA audits has become increasingly important. Regulators look to the Bank for confirmation and proof that BSA operations are being audited properly to ensure that BSA efforts are implemented and managed properly. 

During this webinar, Justin will discuss BSA reporting requirements, new mandates released over the past 6 months, the requirements financial institutions have to abide by and being prepared for audits and exams this year.

 

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