BSA for Tellers: The Why

Money laundering is a complex crime and is designed to hide the source of illegally obtained funds and make them seem legitimate. There are far-reaching consequences in that money laundering can be used to support terrorism, drug trafficking, human smuggling and other types of crime. Financial institutions are in a unique position to help detect and prevent such activity and that is why the government mandates that a financial institution has a BSA/AML program. This usually includes having policies, procedures, and other controls that ensure compliance with all applicable laws and regulations. Currency Transaction Reports (CTRs), Suspicious Activity Reports (SARs), Monetary Instrument Logs, Customer Identification Procedures and identifying Beneficial Owners are just a few of the tools tellers and customer service representatives may use to aid in this process.

Kevin explains more in the video.


BSA Resources!

Video Highlights:

  • Money launderers come up with many creative ways to get money into the banking system.
  • BSA/AML programs are designed to detect unusual transactions and/or red flags of suspicious activity.
  • Training is a required component of a financial institution’s BSA/AML program and should be tailored to an employee’s specific duties.

Published
2024/02/15

 

Kevin Edwards

Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).

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