Remaining compliant can be as complicated as understanding the BCS Bowl system. To understand the bowl games, read ESPN. To understand how to stay BSA compliant, keep up with these three sources.
- Keep updated with Fincen’s constantly changing regulations by visiting: http://www.fincen.gov/statutes_regs/bsa/index.html or their FAQ’s at http://www.fincen.gov/statutes_regs/bsa/bsa_faqs.html
- Update yourself on the Bank Supervision Process by reading: http://www.occ.gov/publications/publications-by-type/comptrollers-handbook/bsp-2.pdf
- Use a BSA compliance system that has extensive experience in regulatory compliance, lending, operations, and financial reporting to help manage your BSA and AML programs in order to prevent financial loss at your financial institution with ease. Many of these systems will be able to identify high-risk applicants, prevent loss, reduce cost, eliminate paper-based forms, report for auditing and exception purposes while integrating into your own core banking system. www.integrasystems.net
The Bank Secrecy Act can be complicated, but you still have to keep your BSA program compliant.