Deep Dive into Consumer Finance
Introduction: A Deep Dive into the Bank Secrecy ActRead Time: 1 min
The Bank Secrecy Act (BSA) is the United States’ most important anti-money laundering (AML) regulation that requires banks, money services businesses, FinTechs, and other financial institutions to assist U.S. government agencies to detect and prevent money laundering.
Over the next 14 weeks, McGlinchey is pleased to present a new deep dive into all things BSA featuring attorneys from across the firm’s offices and practices. From articles and a podcast on hot BSA topics to a webinar with Crowe, a public accounting, technology, and consulting firm, to a client-only, live Q&A session, content will be delivered directly to your inbox, geared towards your busy schedule, and drilled down right to the good stuff—how does BSA impact your business and what should you be thinking about?
To achieve compliance with BSA/AML, financial institutions must navigate a range of regulatory requirements which focus on reporting, liaising with authorities, and building internal anti-money laundering controls. That process involves important considerations that this series will address, such as:
- The scope of BSA and whom it applies to
- Drafting sound BSA/AML policies and procedures
- BSA, Customer Identification Program (CIP), and Office of Foreign Assets Control (OFAC) for “loan or finance companies”
- Suspicious Activity Reports (SARs) for marijuana-related businesses
Hear more on what to expect over the coming weeks.
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