Veridocs provides an intuitive suite of services to enable you to maintain and comply with all regulations required by AML, Bank Secrecy Act (BSA) and USA Patriot Act.
AML is a term mainly used in the financial and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent or report money laundering activities. AML guidelines came into prominence globally after the September 11, 2001 attacks and the subsequent enactment of the USA Patriot Act.
Today, most financial institutions globally, and many non-financial institutions, are required to identify the patron and report transactions of a suspicious nature to the financial intelligence unit in the respective country. To do this, financial institutions are required to gather information about high risk individuals and organizations. Under the BSA of USA, Money Laundering and Terrorist Financing are classified when financial institutions file Suspicious Activity Reports (SAR) to the Financial Crimes Enforcement Network (FinCEN) which is a US government agency.
