Banks 'can save money' by complying with BSA
NEEDHAM, MASSACHUSETTS - Financial institutions that do not implement Bank Secrecy Act (BSA) compliance programmes risk spending much more money to comply with punitive enforcement actions and penalties for inadequate anti-money laundering (AML) controls, according to AML analysts.
"The amount of money firms have to spend to comply with an enforcement action and/or a fine is many times more than it costs to develop and maintain a BSA compliance programme, and the fines will only keep increasing," says Breffni McGuire, senior global payments analyst for Towergroup, a Massachusetts-based financial services consulting firm.
In a research report: Pay Now or Pay Later: Anti-Money Laundering Programmes Offer Road Map for US Funds Transfer Compliance, McGuire, urges banks to
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