5 Crucial BSA Risks to be Aware of
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Banks have a legal responsibility to identify and flag activities that can potentially be seen as financial crimes. With the amount of available technology along with the rising number of third parties involved in financial transactions, it is important for banks to be aware of the various signs of financial crimes and report them to the FinCen.
In this article, BAI lists the top risks to BSA with information on how it can affect businesses and their customers and what activities should be flagged as potential criminal activity. Topics include:
- Identifying and reporting fraud from all account and loan opening channels
- Insufficient staffing to monitor suspicious activity alerts and report SARs
- Failure to perform customer due diligence
- Inadequate internal controls
- Inadequate or improper training
To learn more on how to address BSA risks, download BAI’s "5 Crucial BSA Risks to be Aware of" article today!