Not just another pesky regulation.
It’s a regulation with teeth that can cause major pain for Senior Management and the Board.
Bank Secrecy and Anti-Money Laundering compliance is complex. It represents a great financial and reputational risk to a financial institution and it’s directors.
The first step in an effective BSA/AML program is to understand the various risks. BSA is a hyra-headed regulation that has its tentacles in lots of places inside the institution. BSA impacts operations plus credits and debits. Compliance with BSA/AML often cuts across departments and areas of responsibilities.
BSA/AML is the principal means a bank complies with the USA Patriot Act. Financial institutions are a vital piece of the nation’s fight against terrorism and money laundering. It is no wonder that regulators are in no mood to joke about BSA/AML compliance…and it’s the reason that sometimes examiners exhibit great sensitivity to management’s attitude.
Effective BSA Compliance doesn’t have to be expensive.
But it does require good planning, faithful monitoring and effective reporting. We can manage a BSA/AML program for your institution in a variety of ways, from onsite to on-the-web. Call us at 828-252-4036 and let’s talk it over.
Not just pesky, but complicated.
Maybe you should call us and talk it over. Here’s the number: 828-252-4036.