What Is A Bank Secrecy Act Officer?
A Bank Secrecy Officer works within a bank, credit union, or similar financial institution, to ensure compliance with laws and regulations pertaining to the United States’ Bank Secrecy Act.
The Bank Secrecy Act (BSA) has been in place in the United States since 1970, and is administered by the Financial Crimes Enforcement Network (FinCen). Essentially, the act requires banks and other financial institutions to help the government combat financial crime – in particular, money laundering. One of the requirements of the BSA is the appointment of a BSA Officer: an individual charged with overseeing their employer-organization’s compliance with Bank Secrecy Act anti-money laundering regulations.
The role of the BSA Officer is integral to a bank’s legal and regulatory standing and involves detailed knowledge of both bank policies and the law. With that in mind, the appointment should be made with careful consideration.