Bank Secrecy Act (BSA) Security Review

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Bank Secrecy Act (BSA) Security Review

The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports if the daily aggregate exceeds $10,000, and report suspicious activity that may signify money laundering, tax evasion, or other criminal activities.

CUACG performs extensive testing in all areas related to BSA, conformity with NCUA rules and regulations, anti-money laundering, member ID programs, CTR, and SAR process reviews. Items to be reviewed during this audit include:

  • NCUA Rules & Regulations 748.2 & 749
  • BSA Policies and Procedures
  • Anti-Money Laundering
  • CTRs and SARs
  • Exempt Person
  • Funds Transfer
  • Monetary Instruments
  • Customer Identification Procedures
  • OFAC and FinCen Requirements
  • Record Retention
  • Training
  • Security Procedures (Optional)

Ensure your BSA compliance today by contacting us to get started with your security review!

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Important Message

You are now leaving the Credit Union Auditing & Compliance Group's website. When you click on OK you will be transferred to a website that is not operated by the organization. The Credit Union Auditing & Compliance Group is not responsible for the content on the alternate site. Credit Union Auditing & Compliance Group does not represent the third party. Privacy and security policies of the alternate site may differ from those practiced by the organization.


Important Message

You are now leaving the Credit Union Auditing & Compliance Group's website. When you click on OK you will be transferred to a website that is not operated by the organization. The Credit Union Auditing & Compliance Group is not responsible for the content on the alternate site. Credit Union Auditing & Compliance Group does not represent the third party. Privacy and security policies of the alternate site may differ from those practiced by the organization.