BSA, Patriot Act

The BSA (Bank Secrecy Act), initially designed for anti-money laundering, established requirements for record-keeping and reporting by private individuals, banks, and other financial institutions. These requirements were meant to help identify the source, volume, and movement of currency and other monetary instruments inside or outside the United States. BSA requirements were significantly updated with the enactment of the USA Patriot Act in 2001.

BSA compliance is critical to avoid the reputational, regulatory, legal, and financial risk exposure of being involved in money laundering schemes or willfully violating the BSA statute. Civil money penalties and regulatory enforcement actions may be imposed for non-compliance. Furthermore, banks may be criminally prosecuted for willful violations of money laundering statutes, which could ultimately lead to termination of FDIC insurance.

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MetricStream BSA and Patriot Act Compliance Management Software Solution

The MetricStream solution enables financial institutions to continually audit their processes for filing CTR/CMIR/FBAR forms, identifying suspicious transactions, and filing SAR forms. The solution also helps assess internal controls to identify risks and validate regulatory compliance with BSA requirements. Organizations can enable a repeatable mechanism to document gaps/deficiencies in their processes, and remedy them in a timely manner.

MetricStream uniquely combines software and content to deliver BSA and Patriot Act compliance solutions with embedded best practice templates, access to training content from an expert community, and integration of business processes with regulatory notifications and industry alerts.

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