Bank Secrecy Act Form

Instructions and help about Bank Secrecy Act

let's move on to the bank secrecy act BSA a couple big acronyms that sit underneath the banker secrecy act AML anti-money laundering um and what's my other one okay yeah that's the office of foreign Access Control maybe um you know it's not an acronym I unpack very often um so um and and their acronym is kyc know your customer right uh actually that has changed uh so it used to be kyc uh and then under the um BSA AML wall uh revisions over the last few years now it's actually called CIP customer identification program uh so so let's let's this is let's kill the acronym soup explain to this applies to employers too because you're going to have to comply with apparel providers process um but again CPAs accounting firms payroll providers anybody who's touching money in the touching data banking information what is it that we need to understand in this area so the major thrust of amlbsa and ofac okay first you have to keep in mind we don't want to do business with bad people that's where t