Crimes like terrorism and drug trafficking are largely surreptitious, making them difficult to investigate and prosecute. However, the commission of these crimes often involves large sums of money—sums too large to hide under a mattress. These sophisticated and organized criminals rely upon the security our trusted banking system can offer them because there’s nowhere else they can turn to protect their ill-gotten wealth. That’s why the government has passed legislation to make it easier to thwart these lawbreakers at the bank, sometimes the only place law enforcement can gather enough evidence to prove a crime has been committed.
The Bank Secrecy Act (BSA), signed into law in 1970 and amended several times thereafter, requires U.S. financial institutions to work with law enforcement to detect and prevent money laundering and other financial crimes.
The Brown Smith Wallace Financial Institutions team is experienced in advising financial institutions on BSA/AML compliance issues. We help organizations identify non-compliance with BSA/AML requirements and assist in designing an effective BSA/AML program to ensure compliance with regulations and effectiveness of internal controls.