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Video instructions and help with filling out and completing Fincen bsa
Instructions and Help about Fincen bsa
Welcome to this session on Bank Secrecy Act and anti money laundering today we'll go over the history of BSA major players in the BSA world and the necessary components of a BSA program it all started with the Bank Secrecy Act which was passed in 1970 to deter money laundering and identify the movement of criminal proceeds this was a big change for the financial services industry as an established regulatory reporting standards and requirements why is this important because with the passing of the Bank Secrecy Act credit unions now had an obligation to create a paper trail for suspicious activity that could be related to financial crimes or terrorism the BSA was helpful in improving detection and investigation of criminals tax and regulatory violations safeguarding the financial system detecting and deterring criminals have official records of suspicious activity reports and aid law enforcement following the BSA there was a money laundering Control Act in 1986 which defined and criminalized money laundering the creation of the Financial Crimes enforcement network or FinCEN in 1990 which is a key organization in administering and monitoring the BSA within the u.s. in the 1992 and Newseum wily anti-money laundering act which amended the BSA to require that financial institutions must report any suspicious transactions this act lays out specific instructions for reporting situations where the institution or members may be victims of fraud or where the institution may be a channel for funding criminal activity such as terrorist financing or money laundering then in 2022 Congress passed the USA PATRIOT Act which stands for uniting and strengthening America by providing appropriate tools required to intercept and obstruct Terrorism this legislation contained provisions for combating domestic and international money laundering as well as blocking terrorists access to the US financial system more specifically it gave guidance on how financial institutions should organize their money laundering compliance programs and their relationships with foreign banks and member under the combined direction of the BSA of 1970 in the USA PATRIOT Act of 2022 credit unions are required to adhere to these four pillars maintaining a formal bsa/aml program with specific internal policies procedures and controls designating a dedicated compliance officer independent testing of your credit unions bsa/aml program to ensure compliance and annual training for all credit union staff and board members now that we know some of the background on BSA let's see who was involved in the BSA process there are two big players here the Office of Foreign Assets Control or OFAC and FinCEN which we mentioned earlier OPEC is a division of the US Department of Treasury and was established in 1950 to implement economic sanctions against certain countries outside of the US the intent is to keep financial institutions from interacting with those entities cofac maintains a list of these sanction countries individuals and organizations that credit unions must use to screen membership and transactional activity and it is updated regularly as more sanctions are added so when.