BSA: Suspicious Activity Monitoring

Your Bank Secrecy Act program is all about helping the federal government detect and prevent money laundering, terrorist financing and other illegal activities. There are many ways in which you do this whether it’s developing written policies and procedures, identifying beneficial owners, reporting large cash transactions, etc. One of the most important pieces is monitoring for suspicious activity. Examiners want to ensure you have procedures in place to detect things that might be out of ordinary or suspicious. Criminals aren’t going to come out and tell you they are doing illegal things so it’s up to your team to be on alert for things that just don’t seem quite right and know where that information needs to go.

Kevin explains more in the video.


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Published
2024/06/12

 

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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BSA: Suspicious Activity Monitoring
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