BSA (Bank Secrecy Act), Patriot Act Compliance
BSA (Bank Secrecy Act), initially designed for Anti-Money Laundering, established requirements for recordkeeping and reporting by private individuals, banks, and other financial institutions to help identify the source, volume, and movement of currency and other monetary instruments transported or transmitted into or out of the United States or deposited in financial institutions. BSA requirements were significantly updated due to the USA Patriot Act of 2001.
Bank Secrecy Act compliance is critical due to the reputational , regulatory, legal, and financial risk exposure to the financial institution for being involved in money laundering schemes or willfully violating the BSA statute. Civil money penalties and regulatory enforcement actions may be imposed for noncompliance with money laundering regulations that can endanger capital and earnings. Furthermore, banks may be criminally prosecuted for willful violations of money laundering statutes, which could ultimately lead to termination of FDIC insurance.
MetricStream enables financial institutions to continually audit their processes for filing of CTR/CMIR/FBAR forms, identification of suspicious transactions and filing a SAR form, as well as assess internal controls to
identify risks and validate regulatory compliance with BSA requirements. In addition, MetricStream can enable them to have a repeatable mechanism to document gaps/deficiencies in their process and remedy them in a timely manner.
MetricStream uniquely combines software and content to deliver BSA & Patriot Act compliance solutions with embedded best practices templates, access to training content from an expert community, and integration of business processes with regulatory notifications and industry alerts.
