#QuickBiteCompliance Day 26
Have you ever wondered about the significance of a Bank Secrecy Act (BSA) Compliance Program? It is a crucial framework that U.S.-based financial institutions, as outlined by the Bank Secrecy Act, must establish to combat money laundering and other financial crimes effectively. This program entails various essential components, including the development of internal policies, procedures, and controls, appointing a dedicated compliance officer, conducting continuous employee training, and implementing an independent audit function to assess the program’s efficacy. Are you ready to automate your compliance program?
#InclusiveRegtech #BankSecrecyAct #BSA #ComplianceProgram
Source: https://www.acams.org/en/resources/aml-glossary-of-terms
