How To Keep Up With Changes In BSA Requirements

The Bank Secrecy Act (BSA), requires all financial institutions to collaborate with the US government to combat monetary crimes as well as the prevention of money laundering.

Turn on Google Alerts

Google Alerts is one of the most effective and easiest ways to help monitor online mentions of any entity or keyword in real-time. It enables you to receive periodic and automated email alerts for desired keywords. Once Google’s search bot indexes a piece of content relevant to your desired keyword, you will receive an email notification.

Here is how you easily can set up Google Alerts:

  • Search “Google Alerts” and click on the link to visit the page

  • You will find a box on top, simply enter a topic you wish to follow

  • In case you wish to change or tweak the settings, you can adjust:

    • How often you want to get the notifications

    • Types of websites you will see

    • Your preferred language

    • Regions of the world, from where you want to receive the information

    • Number of results you would want to see

    • What accounts do you want to get the alerts on

  • Now click on “Create Alert,” and you are all set. Whenever Google search bot finds matching results, you will get an email notification.

If you are a financial institution, you’ll likely want updates on the developments in the financial industry and related BSA rules and regulations. Thus, using the method mentioned above, you can create Google Alerts for the following keywords:

  • BSA requirements

  • AML requirements

  • AML/BSA compliances

  • Money Laundering regulations

Keep Your Eye on the Money Laundering Watch

If you are looking for a reputable source to stay up to date about BSA/AML requirements, check out moneylaunderingnews.com. Money Laundering Watch is a newsletter initiative that gives real time updates on changes in the financial industry including major AML crimes worldwide!

We highly recommend that you sign up for their newsletter to receive consistent updates on issues that are relevant to financial institutions.

Set Up Consistent Meetings with BSA Officers

Every financial institution should have a BSA officer on staff. In fact, it’s one of many obligations for financial establishments to remain BSA compliant. This officer is responsible for overseeing internal anti-money laundering procedures and policies and ensures to stay compliant with BSA requirements.

A BSA officer should have considerable understanding and experience navigating the financial regulatory landscape and related risk management strategies.

So, it is a good idea to set up constant training programs with the BSA officer to transfer his knowledge to the entire company, making sure all employees are up to date on AML changes and compliance efforts

Attend AML Conferences

The best way to understand how to navigate changes to AML and BSA requirements is to see how other financial institutions are handling it internally. Luckily, there are AML and BSA conferences that happen periodically throughout the year.

Here are the two most popular conferences to be aware of:

  • ABA/ABA – Financial Crime Enforcement Conference

    • Every year, two of the leading powerhouse financial organizations, the American Bar Association and the American Bank Association, collaborate to put on the Financial Crime Enforcement Conference. The goal is to educate financial institutions about the latest trends and regulations to safeguard their interests.

Invest In Up-To-Date Software

If you are a financial institution looking for an automated BSA/AML compliant solution, Intellicheck has excellent solutions for both in-person and person-not-present modules. These solutions are easy to use and can be integrated into most POS systems. 

Additionally, as different industries have different needs, Intellicheck is customizable to your specific compliance requirements. Having Intellicheck in place allows financial institutions to catch fraudsters with the highest possible accuracy by simply scanning an ID. 

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