Frequently asked questions
Who needs to comply with BSA?
All US financial institutions must comply with the Bank Secrecy Act (BSA). This includes businesses from brick-and-mortar banks to online banking companies, casinos, and cryptocurrency exchanges. Put simply, if an organization handles or facilitates financial transactions, they’re subject to the BSA.
What are BSA and AML compliance?
BSA and AML compliance are interconnected. The Bank Secrecy Act (BSA), and its requirement for financial institutions to fill out a currency transaction report for cash transactions greater than $10,000, is considered one (of several) anti-money laundering (AML) regulations. In other words, AML includes but isn’t limited to BSA.
What is the job of a BSA officer?
A BSA officer is responsible for coordinating Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance efforts within a business. This includes creating and evaluating compliance policies, coordinating audits and evaluations with state and federal auditors, and filing any necessary reports to ensure compliance.