In 1970, Congress passed the Bank Secrecy Act (BSA)—also known as the Anti-Money Laundering (AML) law. Since then, financial institutions like yours have been required to cooperate with government agencies to detect and prevent money laundering. But keeping up with government regulations can feel like a full-time job.

What are the 5 pillars of BSA AML compliance?

Currently, institutional AML programs are based on the “five pillars”: internal policies, procedures and controls; designation of an AML officer; employee training; independent testing; and customer due diligence (CDD).

What are BSA violations?

Isolated and technical violations are those limited instances of noncompliance with the financial record- keeping or reporting requirements of the BSA that occur within an otherwise adequate system of policies, procedures, and processes.