Federal Bank Secrecy Act Issues for Mobile Payment Systems


In This Presentation:

- The BSA from 30,000 Feet

- ABCs of the BSA for MSBs

- Impact on Customer Acquisition

- BSA/AML Enforcement

- Current Topics and Resources

Excerpt from The BSA from 30,000 Feet

..Intent of the BSA is to abate money laundering

..Major Provisions

..3 R’s: Registration, Record-Keeping and Reporting

..Requires Anti-Money Laundering (“AML”) programs – the “Four Pillars”

..Criminalizes money laundering

..BSA Timeline

..Enacted in 1970

..Money laundering criminalized in 1986

..Major expansion in 2001 under USA PATRIOT Act

Please see full presentation below for more information.

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Topics:  Bank Secrecy Act, FFIEC, FinCEN, IRS, Mobile Payments, Money Laundering, OFAC, Patriot Act, Recordkeeping Requirements, Registration, Reporting Requirements

Published In: Administrative Agency Updates, General Business Updates, Criminal Law Updates, Finance & Banking Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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