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
..3 R’s: Registration, Record-Keeping and Reporting
..Requires Anti-Money Laundering (“AML”) programs – the “Four Pillars”
..Criminalizes money laundering
..Enacted in 1970
..Money laundering criminalized in 1986
..Major expansion in 2001 under USA PATRIOT Act
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