Money Laundering and Terrorist Financing “Red Flags”

Financial Institutions

May 01, 2014
by Craig Johnson, CRCM, CMQCS

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Craig Johnson Craig Johnson, CRCM, CMQCS

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In today’s regulatory environment, it is easy to get overwhelmed with all of the busy work that goes along with Bank Secrecy Act (BSA) compliance. Currency transaction and suspicious activity reporting; OFAC screening; 314(a) searches; exempt customer, monetary instrument, and funds transfer recordkeeping; customer identification due diligence; and ongoing high-risk customer monitoring are all staple requirements of the BSA. These reporting and recordkeeping requirements can consume much of your day! Whenever I get frustrated with all of the BSA busy work, I remind myself of the primary purpose of the regulation, and it makes me feel better.

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