Results for tag: "Bank Secrecy Act"

The Bank Secrecy Act (BSA) is a federal law that requires financial institutions to assist U.S. government agencies in detecting and preventing money laundering. The BSA requires financial institutions to maintain records and file reports of certain transactions, such as large cash deposits and transfers. The BSA also requires financial institutions to establish anti-money laundering programs and to report suspicious activity. The BSA market is composed of companies that provide services to financial institutions to help them comply with the BSA. These services include software, consulting, and training. Companies in the BSA market also provide services to help financial institutions detect and prevent money laundering. Examples of companies in the BSA market include Accuity, Fiserv, NICE Actimize, and Thomson Reuters. Show Less Read more