The aim of the BSA is not only to help combat money laundering, but also to ensure that banks and financial institutions are not used as instruments to facilitate money laundering.

Bank Secrecy Act Compliance: What You Need To Know

In order to comply with the BSA, financial institutions must comply with a number of regulatory requirements based on reporting to, and liaising with, the authorities and maintaining internal controls against money laundering.

What is the Importance of Bank Secrecy Act Compliance?

A financial institution demonstrates its dedication to helping law enforcement agencies counter financial crime in achieving BSA compliance, and leads to a greater atmosphere of fairness and justice.