The Bank Secrecy Act (BSA) of 1970 (otherwise known as the Currency and Foreign Transactions Reporting Act) requires U.S.A. financial institutions to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities. It was passed by the Congress of the United States in 1970. The BSA is sometimes referred to as an “anti-money laundering” law (“AML”) or jointly as “BSA/AML”.
Veridocs maintain an electronic file for reporting requirement along with all pertinent data linked and image within the database. System delivers a simple point and click tool to simplify reporting preparation and approval on a daily or customize schedule.
Veridocs offers a full suite of Title31 and BSA compliance services to enable you to electronically monitor, report, and submit required documents such as Suspicious Activity Reports (SARS), Multiple Transaction Logs (MTL), Currency Transaction Reports (CTR), etc. LEARN MORE >
