Help Protect Your Community by Becoming a BSA Compliance Manager

BSA stands for ''Bank Secrecy Act.'' This law was passed by congress in the early seventies to attack money launderers. Due to this law, businesses and banks save certain information that can be helpful to fight financial criminal activity, tax evasion, and even terrorism. This information, or better these documents, can be accessed by the national and international agencies that deal with this kind of law enforcement. The law makes it mandatory to fill out paperwork whenever there is a transaction of $10,000 or more. The possession of a foreign bank account needs to be reported with the Internal Revenue Service. In other words, financial institutions in this country now have the duty to investigate transactions and even their customers. They have to let law enforcement know about it and give thorough and accurate information. Banks hire personnel with the right qualifications to prevent being accused of violating the Bank Secrecy Act.

BSA compliance managers have to make sure that daily operations are monitored for BSA compliance. They make sure that the financial institution they work for implements all aspects and regulations of the Bank Secrecy Act. They are responsible for the structure of internal control. They have to make sure all bank employees are properly instructed in the working of all the procedures and processes that can lead to the detection of money laundering or terrorist financing.

BSA personnel need to know everything there is to know about the products of the financial institution they work for. They need to have a thorough knowledge of BSA and OFAC regulations and they have to be familiar with Mantas, Actimize, Fortent, or other financial account and transaction monitoring. Their organization skills have to be impeccable. BSA personnel need to have an eye for detail. Multitasking is a necessary skill to the job.



A bachelor’s degree is an absolute requirement for this job. Financial certifications and diplomas are highly recommended. Good BSA personnel have to stay informed on all new regulations that are issued, and they have to be able to implement those at the financial institution they work for by making sure all staff members of the bank are trained correctly.

BSA compliance positions did not exist fifty years ago. These jobs are, however, among the most respected in the banking business now. Qualified professionals make a lot of money because banks are being subjected to huge fines if they do not comply completely with all regulations of the Bank Secrecy Act. Six-figure salaries are common. When crimes are committed and links exist to a particular bank the BSA compliance staff will be under thorough investigation. These are not jobs for those who recently graduated from college. What was taught in college is helpful, but is far from everything one needs to know to actually do the job. Extensive experience in the banking world is required to be able to detect every irregularity that well-seasoned criminals do not want to have discovered.

BSA compliance staff members play an important role in the safety of the country, no matter what bank they are employed with. Big criminal organizations and even terrorists have been put on hold and taken out of circulation by a single BSA compliance manager somewhere at a desk in an office of a bank.