The Bank Security Act Does Not Strictly Apply To Banks.
In fact, the regulation spans a broad spectrum of industries including insurance companies, travel agencies and casinos. All of those industries and more are at risk for money laundering and the financing of terrorist activities.
Recently, the Department of Justice began enforcing the BSA against global institutions, and is evolving its application to include industries such as virtual currency, real estate and broker-dealers. The BSA’s statutory obligations are loosely outlined, allowing more industries to fall under the regulation. As the DOJ cracks down on more companies, lenders would be wise to brush up on the BSA and Anti-Money Laundering rules, especially since the Office of the Comptroller has also named the BSA as a top priority.
There is no one compliance program to fit all institutions, but lenders should be able to establish anti-money laundering programs and develop internal procedures to remain in compliance. ATS Secured has created a verified network to manage all compliance concerns, including BSA and AML rules.
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