BSA/AML Compliance

The Bank Secrecy Act (BSA) of 1970 requires financial institutions and businesses to assist the government in detecting and preventing money laundering and other financial crimes in the United States.

The primary way of doing this is by creating “paper trails” and implementing superior reporting and record-keeping capabilities to ensure the appropriate information is being collected for all transactions. More specifically, BSA and money laundering regulations require financial institutions to:

• Keep records of cash purchases of negotiable instruments
• File reports of cash transactions exceeding $10,000
• Report suspicious activity that might signify money laundering, tax evasion or other criminal activities

BSA/AML Software

With its enhanced documentation features and BSA/AML recordkeeping and retention component, ATTUS’ BSA/AML compliance software, WatchDOG® Wire will not only automate your wire process, but also help your institution stay BSA/AML compliant.

In addition, when you choose WatchDOG® Wire for your BSA/AML solution, you can immediately take advantage of these other benefits:

• Reduces time and cost in processing wire transactions
• Increases efficiency due to eliminating paper-based documentation
• Streamlines processes by allowing users to create templates for recurring transactions
• Improves communication leading to higher customer satisfaction
• Serves as an effective tool for suspicious activity monitoring to ensure compliance with BSA/AML regulations

Another aspect of BSA/AML compliance is ensuring you have the right tools in place to assess risk and prevent financial crime from happening at your institution. Learn how ATTUS' team can help you.