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THE 4 PILLARS OF THE BSA
MSBs must comply with the regulations of the Bank Secrecy Act (BSA). Each agency must develop and implement a written Anti-Money Laundering Program to prevent the business from being used to facilitate money laundering or the financing of terrorist activities. To ensure that your Anti-Money Laundering Program is designed within the parameters of the law, it is important to comply with at least these 4 basic principles of the AML laws.
Independent Review
The Independent Review or Audit is a BSA law requirement for all agencies. Every agency must annually comply with an independent review of the Anti-Money Laundering program established in the business. Click here for details.
AML Compliance Program Manual
The BSA requires all MSBs to establish and maintain an effective and written AML program. The manual must be in a language in which all employees can understand and put it into practice. Click here for details.
Compliance Officer Designation
Duties of the Compliance Officer include monitoring business compliance, supervising employee training and communication, and getting to know their customers to identify unusual patterns.
Training Program
Federal law requires all MSBs to establish and maintain a continuing education program for employees which enables them to clearly understand their roles in the compliance effort of the agency.
If your agency does not meet these 4 basic requirements of Federal law, you should contact us. You are not complying with the law and you may have problems. Call us at (972) 832-8988 or email us at compliance@msb-advisors.com. We can help you.