To ensure compliance, businesses typically take the following steps:
Developing a Robust BSA Compliance Program: This includes policies, procedures, and internal controls designed to ensure adherence to BSA requirements. Appointing a BSA Officer: A designated officer is responsible for overseeing compliance and ensuring that the program is effective. Employee Training: Regular training programs for employees to recognize and report suspicious activities. Regular Audits: Conducting internal and external audits to identify and rectify compliance gaps. Use of Technology: Leveraging software solutions for monitoring transactions and generating required reports.