Key Takeaways
- The Bank Secrecy Act (BSA) is U.S. legislation aimed at preventing criminals from using financial institutions to hide or launder money.
- The law requires financial institutions to provide documentation to regulators whenever their clients deal with suspicious cash transactions involving sums over $10,000.
What was the original purpose of the BSA?
What was the original purpose of the BSA? Also known as the Currency and Foreign Transactions Reporting Act, the Bank Secrecy Act (BSA) is U.S. legislation created in 1970 to prevent financial institutions from being used as tools by criminals to hide or launder their ill-gotten gains.
What is the role of a BSA officer?
- an effective system of internal policies, procedures, and controls
- a BSA/AML compliance officer
- periodic officer, director, and employee training
- independent testing of the BSA/AML program
- a risk-based customer due diligence program
What is healthy BSA?
Body Surface Area (BSA), for example, is another metric that can help you gauge your overall health. BSA is the total surface area of the human body. A number of different formulas are used to calculate this measurement. Height, weight, age, and gender are all factors that contribute to BSA. According to the journal Nursing, BSA also is related ...
What is BSA and AML compliance?
What is BSA and AML compliance? Congress passed the Bank Secrecy Act (BSA), also known as the Anti-Money Laundering (AML) law, in 1970 to combat money laundering in the United States. … Financial institutions must keep detailed records and report suspicious activity that could indicate money laundering or other crimes. Introduction of BSA and AML
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What is the primary purpose of the BSA?
The Currency and Foreign Transactions Reporting Act of 1970—which legislative framework is commonly referred to as the "Bank Secrecy Act" (BSA)—requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering.
When did the BSA rule start?
1970The BSA was established in 1970 and has become one of the most important tools in the fight against money laundering. Since then, numerous other laws have enhanced and amended the BSA to provide law enforcement and regulatory agencies with the most effective tools to combat money laundering.
What is the purpose of the bank Protection Act?
The purpose of the Bank Protection Act of 1968 (BPA) is to discourage robberies, burglaries and larcenies committed against financial institutions.
What did the BSA state at its initial creation in the 1970s?
Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports if the daily aggregate exceeds $10,000, and report suspicious activity that may signify money laundering, tax evasion, or other criminal activities.
Are atheists allowed in BSA?
While Scouts have opened up on many fronts, the organization still stands firm against allowing atheists and agnostics into the organization.
When did the BSA allow gays?
2013On May 23, 2013, the 1,400 voting members of the National Council of the Boy Scouts of America voted to lift the ban of letting openly gay individuals into the Scouts by 61% to 38%. Openly gay boys are allowed to become Scouts from January 2014 but openly gay adults were still forbidden to be leaders.
Who does the BSA apply to?
The Bank Secrecy Act (BSA), 31 USC 5311 et seq establishes program, recordkeeping and reporting requirements for national banks, federal savings associations, federal branches and agencies of foreign banks.
What is the importance of bank secrecy law?
The Bank Secrecy Law protects all deposits of whatever nature in banks or banking institutions in the Philippines as well as investments in government bond.
What is the difference between BSA and AML?
Congress passed the Bank Secrecy Act (BSA), also known as the Anti-Money Laundering (AML) law, in 1970 to combat money laundering in the United States. Since then, the BSA has required financial institutions to work with government agencies to protect their clients, communities, and country.
What is the $3000 rule?
The requirement that financial institutions verify and record the identity of each cash purchaser of money orders and bank, cashier's, and traveler's checks in excess of $3,000.
What are the five pillars of the BSA?
The Five (5) Pillars of BSA/AML/OFAC CompliancePILLAR #1. DESIGNATION OF A COMPLIANCE OFFICER. ... PILLAR #2. DEVELOPMENT OF INTERNAL POLICIES, PROCEDURES AND CONTROLS. ... PILLAR #3. ONGOING, RELEVANT TRAINING OF EMPLOYEES. ... PILLAR #4. INDEPENDENT TESTING AND REVIEW. ... PILLAR #5. CUSTOMER DUE DILIGENCE. ... RECOMMENDED TRAINING.
What are the four pillars of BSA?
The written BSA/AML compliance program must include the following four pillars:Internal controls;The designation of a BSA/AML officer;A BSA/AML training program; and.Independent testing to test programs.
When did the BSA AML rules start 2013?
As of April 1, 2013, financial institutions must use the Bank Secrecy Act BSA E-Filing System in order to submit Suspicious Activity Reports.
When did the BSA AML rules start in the mortgage industry?
In 2002, FinCEN issued a regulation that temporarily exempted loan and finance companies and other categories of BSA-defined financial institutions from the obligation to establish AML programs.
When did BSA youth Protection start?
In response to increasing awareness at the time about sexual abuse in society as a whole, and concerns about the potential of sexual predators using the Boy Scout program to locate victims, BSA developed the Youth Protection program in the late 1980s in conjunction with input from leading law enforcement and ...
When was the BSA amended to include the USA PATRIOT Act?
The BSA purpose, as amended by the USA PATRIOT Act of 2001, was “to require certain reports or records where they have a high degree of usefulness in criminal, tax, or regulatory investigations, or proceedings, or in the conduct of intelligence or counterintelligence activities, including analysis, to protect against ...
When was the BSA founded?
The BSA was founded in 1910 and grew rapidly and became the largest youth organization in the United States. Early issues involved race, the "younger boy problem," and the "older boy problem.". Troops initially followed local community policy on race.
Who was the first BSA leader?
The first managing secretary (the precursor to the Chief Scout Executive) was John Alexander, a YMCA administrator from Philadelphia, Pennsylvania. By autumn BSA had 2,500 leader applications from 44 states and 150,900 youth inquiries.
What was the War Garden program?
The War Garden program was intended for Scouts to raise food at home, but was only moderately successful. When Baden-Powell returned to the US in 1919, the BSA held a huge rally in Central Park, and later a rally for the return of General John J. Pershing.
What was the original handbook of the Boy Scouts?
The original handbook used a wealth of material from Baden-Powell's handbook. The comments on loyalty to employers concerned the labor unions– the Industrial Workers of the World in Portland, Oregon protested loudly during the 1912 tour. These comments were removed from the 1911 edition and West made much of the labor positions of the rival American Boy Scouts.
What does Boy Scouts believe?
Boy Scouts of America believes that no member can grow into the best kind of citizen without recognizing an obligation to God. As the BSA grew, the concept of the local council grew as a method of administration. With the local council came the beginning of the Commissioner Service.
When did the Salvation Army stop Scouting?
The Salvation Army Life-Saving Scouts folded in the 1930s. By 1930, West claimed to have stopped 435 groups from unauthorized use of Scouting as part of an organizational name and as part of commercial products. When the Girl Guides of America started, West discouraged the program.
When was the Boy Scouts of America founded?
The Boy Scouts of America (BSA) was inspired by and modeled on the Boy Scout Association, established by Baden-Powell in Britain in 1908. In the early 1900s, several youth organizations were active, and many became part of the BSA (see Scouting in the United States ). The BSA was founded in 1910 and grew rapidly and became ...
What is the BSA amendment?
An amendment to the BSA incorporates provisions of the USA Patriot Act, which requires every bank to adopt a customer identification program as part of its BSA compliance program.
What is the purpose of the Bank Secrecy Act?
Bank Secrecy Act (BSA) The OCC prescribes regulations, conducts supervisory activities and, when necessary, takes enforcement actions to ensure that national banks have the necessary controls in place and provide the requisite notices to law enforcement to deter and detect money laundering, terrorist financing and other criminal acts and ...
What is the BSA?
The legislation’s formal name is “The Financial Record Keeping and Reporting of Currency and Foreign Transactions Act of 1970.”. The BSA was designed to help identify the source, volume and movement of currency and other monetary instruments transported or transmitted into or out of the U.S.
What is the BSA requirement?
To meet the law’s objectives, the BSA assigned requirements for record keeping and reporting by private individuals, banks and other institutions involved in the money transfer business. These records provide evidence used by law enforcement agencies in prosecuting money laundering and other financial crimes.
What is the purpose of the USA Patriot Act?
The USA PATRIOT Act, passed in response to the Sept. 11 terrorist attacks, criminalized the financing of terrorism and strengthened the existing BSA framework. The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury, is the delegated administrator of the BSA. FinCEN, in turn, entrusts the federal banking agencies ...
What is the name of the legislation that was passed in 1970?
1 The legislation’s formal name is “The Financial Record Keeping and Reporting of Currency and Foreign Transactions Act of 1970.”. 2 The formal name of the legislation is the “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001.”.
Who is the author of Supervising Our Nation's Financial Institutions?
This post is part of a series titled “Supervising Our Nation’s Financial Institutions.”. The series, written by Julie Stackhouse, executive vice president and officer-in-charge of supervision at the St. Louis Federal Reserve, appears at least once each month. Almost 50 years ago, concerns about large amounts of cash coming into the country from ...
Do BSA Programs Work?
Yes. Although the requirements can be onerous and generally require significant financial and staffing resources to comply, BSA programs and the information they generate have proven valuable in combating a variety of financial crimes.
What is BSA in health?
What is Body Surface Area (BSA) and Why is it Important? August 24, 2020. 2 minute read. Body Surface Area (BSA) measures the total surface area of a person’s body and is frequently used in order to calculate drug dosage. You’ve probably heard of BMI (Body Mass Index) in reference to overall health, weight loss or exercise, ...
How to calculate BSA?
For the sake of example, the Mosteller formula is commonly referred to and often used in clinical trials. It calculates BSA by taking the square root of height (cm) multiplied by weight (kg) divided by 3600.
Why is BMI important?
Moreover, why should you care? While Body Mass Index (BMI) is a measure of a person’s body fat mass, Body Surface Area measures the total surface area of a person’s body and is frequently used in order to calculate drug dosage and the amount of fluids to be administered by IV.
Overview
James West and the early days
The new BSA office at 200 Fifth Avenue opened in January 1911, with West at the helm and the movement began to grow at a rapid pace. One of West's first tasks was to revise the British-based program outline in Seton's handbook and adapt it for American boys. West was instrumental in expanding the third part of the Scout Oath:
W. D. Boyce and the Unknown Scout
W. D. Boyce was an American newspaper man and entrepreneur. According to legend, he was lost on a foggy street in London when an unknown Scout came to his aid, guiding him back to his destination. The boy then refused Boyce's tip, explaining that he was merely doing his duty as a Boy Scout. Immediately afterwards, Boyce met with General Robert Baden-Powell, who was the head of the Boy Scout Association at that time. Boyce returned to America, and, four months later…
Scouting comes to the U.S.
Boyce returned to the United States and with Edward S. Stewart and Stanley D. Willis. He incorporated the Boy Scouts of America on February 8, 1910 and applied for a congressional charter. The bill was tied up with a charter for the Rockefeller Foundation and Boyce withdrew it after many delays. Around this time, William Randolph Hearst, a rival newspaperman, formed the American Bo…
Early controversies
The original handbook used a wealth of material from Baden-Powell's handbook. The comments on loyalty to employers concerned the labor unions– the Industrial Workers of the World in Portland, Oregon protested loudly during the 1912 tour. These comments were removed from the 1911 edition and West made much of the labor positions of the rival American Boy Scouts.
World War I and beyond
Boy Scouts served as crowd control at the inauguration of President Woodrow Wilson in 1913, and have served at every inauguration since in some ceremonial role. The Philadelphia Area Council started a Scout honor society called the Order of the Arrow in 1915 that eventually became an important part of the Boy Scout program.
1930s
Mortimer Schiff was elected as president in 1931, but died after serving one month and Walter Head returned until 1946. Schiff's mother purchased 400 acres (1.6 km ) of land in New Jersey and donated it to the BSA, thus creating Mortimer L. Schiff Scout Reservation as a national training center. President Roosevelt encouraged Scouts to do their part during the Great Depression. Sc…
1940s
In 1940, composer Irving Berlin wrote to West expressing a desire to further the aims of Scouting. He created a foundation to distribute the royalties from his song "God Bless America" to the Boy Scouts and Girl Scouts.
In 1941, the Webelos rank was created for 11-½ year-old boys. The first Webelos badge used the emblem today known as the Arrow of Light and was worn on the left pocket flap. Den mothers b…