Firms must comply with the Bank Secrecy Act and its implementing regulations (“AML rules”). – Financial Industry Regulatory Authority The Bank Secrecy Act (BSA) and all the related laws that have been passed since the BSA began in 1970, aim…

“The fight against money laundering and terrorist financing is a pillar of U.S. national security and a strong financial system.” – Adam J. Suzbin, Department of the Treasury Money launderers will go to great lengths to use the normal…

Do you or does your company engage in transactions with foreign companies or individuals? Do you have business or financial relationships with any kind of foreign entity that exists within a country or region that is on a Federal…

Both the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) mandate that covered financial entities—and this includes all banking institutions, virtually all money service businesses, and many cash-intensive non-bank businesses—establish an Anti Money Laundering…

One of the most important components of BSA/AML compliance is a Customer Identification Program (CIP). After all, money laundering is done by people who do not want to be discovered, and most of them pose as legitimate customers. The…