Course Description
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. During this webinar, we will discuss an overview of BSA, the reporting requirements, when and how to report and best tips for submitting and completing BSA reports.
Agenda:
Overview of the Bank Secrecy Act and its role in fighting financial crime
Key reporting and recordkeeping obligations under BSA
Common penalties for noncompliance and enforcement trends
When and how to file BSA reports effectively
Practical tips for improving BSA reporting and audit readiness