Financial Crime World

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Banks Face Tough Compliance Challenges Under Bank Secrecy Act and USA Patriot Act

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In an effort to combat money laundering and other financial crimes, banks are required to implement robust compliance programs under the Bank Secrecy Act (BSA) and related anti-money laundering laws.

Compliance Requirements

Banks must establish effective BSA compliance programs that include:

  • Internal controls
  • Independent testing for compliance
  • Training for appropriate personnel

Additionally, they need to develop:

  • Risk-based anti-money laundering programs
  • Customer due diligence systems
  • Monitoring programs

Screening and Reporting Obligations

Banks are required to screen against:

  • Office of Foreign Assets Control (OFAC) lists
  • Other government lists

They must also report:

  • Suspicious activity that may signal criminal activity, such as money laundering or tax evasion, using Treasury Department Form 90-22.47 and OCC Form 8010-9, 8010-1.
  • Cash transactions exceeding $10,000 in one business day with the Financial Crimes Enforcement Network (FinCEN).

What Are the Key Reporting Obligations?

Banks must file:

  • Currency Transaction Reports (CTRs) electronically within 15 calendar days of the transaction
  • Suspicious activity reports no later than 30 days after the date of initial detection

These reports must include specific information and be filed with FinCEN.

What is MemberCheck’s Role in AML Compliance?

MemberCheck offers a secure and simple solution for banks to:

  • Scan for politically exposed or high-risk individuals
  • Check names against sanction, regulatory, law enforcement, and other official lists
  • Minimize false matches using sophisticated scan filters and due diligence workflow

With MemberCheck, clients can:

  • Access customer details whenever and wherever required
  • Download reports for further investigation
  • Provide evidence of AML program compliance for auditing purposes

Request a Demo Today

To learn more about how MemberCheck can assist with your AML compliance needs, request a demo today.