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FAQ

What regulations enforces the Bank Secrecy act?
The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering.An entire industry has developed around providing software to analyze transactions in an attempt to identify transactions or patterns of transactions called structuring, which requires SAR filing. Financial institutions are subject to penalties for failing to properly file CTRs and SARs, such as heavy fines and regulatory restrictions, including charter revocation.These software applications effectively monitor customer transactions on a daily basis, and using a customer's past transactions and account profile, pra "whole picture" of the customer to the bank management. Transaction monitoring can include cash deposits and withdrawals, wire transfers, and ACH activity. In the banking industry, these applications are known as "BSA software" or "anti-money laundering software".The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury. FinCEN’s mission is to safeguard the financial system from illicit use and combat money laundering to promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities. This enables the bureau to carry out its mission by directly and indirectly regulating the financial activities of individuals, businesses, and entire industries. The BSA, through its implemented regulations, also empowers FinCEN with broad discretion to target particular businesses, industries, and geographic locations thought to be at risk for money laundering or illicit finance.Potential PenaltiesUnder the BSA and its implementing regulations at 31 CFR Chapter X, FinCEN may bring an enforcement action for violations of the reporting, recordkeeping, or other requirements of the BSA. Penalties imposed by FinCEN can range from $50,000 in fines for a pattern of negligent activity that violates the BSA up to $1 million in fines for violations involving international money laundering. This is in addition to any criminal penalties that might be imposed by the Department of Justice for willful violations of the BSA and FinCEN administered regulations. Know that a skilled Bank Secrecy Act compliance lawyer can assist those facing these penalties with aggressive legal representation.
Where can I see a list of the bank secrecy act requirements/regulations?
The primary and secondary legislation for the BSA are not in one place but spread all over the legal landscape.But the U.S. Office of the Comptroller of the Currency (OCC) is a good starting point:—BSA and Related RegulationsBut before heading to the OCC, get a bird’s eye view of the matter from the Wikipedia, which is accurate:—Bank Secrecy Act - WikipediaThanks for the A2A.
How does the BSA (Bank Secrecy Act) prevent money laundering?
Money laundering is the process of making illegally-gained proceeds (i.e. "dirty money") appear legal (i.e. "clean"). Typically, it involves three steps: placement, layering and integration. First, the illegitimate funds are furtively introduced into the legitimate financial system. Then, the money is moved around to create confusion, sometimes by wiring or transferring through numerous accounts. Finally, it is integrated into the financial system through additional transactions until the "dirty money" appears "clean." Money laundering can facilitate crimes such as drug trafficking and terrorism, and can adversely impact the global economy.In its mission to "safeguard the financial system from the abuses of financial crime, including terrorist financing, money laundering and other illicit activity," the Financial Crimes Enforcement Network acts as the designated administrator of the Bank Secrecy Act (BSA). The 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 prlaw enforcement and regulatory agencies with the most effective tools to combat money laundering. An index of anti-money laundering laws since 1970 with their respective requirements and goals are listed below in chronological order.Bank Secrecy Act (1970)Established requirements for recordkeeping and reporting by private individuals, banks and other financial institutionsDesigned to help identify the source, volume, and movement of currency and other monetary instruments transported or transmitted into or out of the United States or deposited in financial institutionsRequired banks to (1) report cash transactions over $10,000 using the Currency Transaction Report, (2) properly identify persons conducting transactions, and (3) maintain a paper trail by keeping appropriate records of financial transaction.Money Laundering Control Act (1986)Established money laundering as a federal crimeProhibited structuring transactions to evade CTR filingsIntroduced civil and criminal forfeiture for BSA violationsDirected banks to establish and maintain procedures to ensure and monitor compliance with the reporting and recordkeeping requirements of the BSA.Annunzio-Wylie Anti-Money Laundering Act (1992)Strengthened the sanctions for BSA violationsRequired Suspicious Activity Reports and eliminated previously used Criminal Referral FormsRequired verification and recordkeeping for wire transfersEstablished the Bank Secrecy Act Advisory Group (BSAAG)Money Laundering Suppression Act (1994)Required banking agencies to review and enhance training, and develop anti-money laundering examination proceduresRequired banking agencies to review and enhance procedures for referring cases to appropriate law enforcement agenciesStreamlined CTR exemption processRequired each Money Services Business (MSB) to be registered by an owner or controlling person of the MSBRequired every MSB to maintain a list of businesses authorized to act as agents in connection with the financial services offered by the MSBMade operating an unregistered MSB a federal crimeRecommended that states adopt uniform laws applicable to MSBsMoney Laundering and Financial Crimes Strategy Act (1998)Required banking agencies to develop anti-money laundering training for examinersRequired the Department of the Treasury and other agencies to develop a National Money Laundering StrategyCreated the High Intensity Money Laundering and Related Financial Crime Area (HIFCA) Task Forces to concentrate law enforcement efforts at the federal, state and local levels in zones where money laundering is prevalent. HIFCAs may be defined geographically or they can also be created to address money laundering in an industry sector, a financial institution, or group of financial institutions.
How to decide my bank name city and state if filling out a form, if the bank is a national bank?
Somewhere on that form should be a blank for routing number and account number. Those are available from your check and/or your bank statements. If you can't find them, call the bank and ask or go by their office for help with the form.  As long as those numbers are entered correctly, any error you make in spelling, location or naming should not influence the eventual deposit into your proper account.
How do I fill out an application form to open a bank account?
I want to believe that most banks nowadays have made the process of opening bank account, which used to be cumbersome, less cumbersome. All you need to do is to approach the bank, collect the form, and fill. However if you have any difficulty in filling it, you can always call on one of the banks rep to help you out.
How do I fill out a bank deposit slip?
You would have to show up in person at a branch location that belongs to your bank where your bank account is open. Most banks have a lines for the customers to get in line and wait for their turn to talk to the bank teller. Most banks will have a section in the middle of this section where they have a bunch of blank documents and a deposit slip is included there.There is specific information that you need to know in order to fill the bank deposit slip correctly and you don't have to spend time memorizing it or take documents of that information with you. All you have to do is just write it down in a piece of paper and then reap into pieces the paper when you are done. The information that you need to fill out the deposit slip is your account number. What is it that you are depositing a check or cash and what is the exact amount to be deposited. The deposit slip should include your name and your signature.In type of deposit slip, you would have to also check whether you are depositing the funds into your bank checkings account or into your bank savings account and your address. The signature section is a part that can only be signed in the presence of a bank teller. You would also have to write the date on which this deposit takes place.Some deposit slips differ in one or two things from the others but for the most part they all are very similar in many ways. In this deposit slip, you would not have to write the date or your address or whether it goes to a savings or checking accounts but all other information still applies.Note that in the two types of the deposits samples there is a section that says “subtotal” and another that says “less cash”. Those two sections are only applicable when you present a check to be cash but you also want part of that check to deposit into your account. For example, let us say that you present a check with the total funds of 1458 but you want to receive 800 in cash and the remaining balance is two be deposited. In that case, the subtotal would say “1458” and the “less cash” section would say “800” the the “total” section would say “658”. Those types of deposit slips are provided to you free of charge at the bank.The deposit slip shown above is another type of bank deposit slip which is more convenient and you have less possibilities of making entry errors because those types of deposit slips are already personalized and they already have your bank account, name and address printed on them. All you have to do is fill out the amount that you depositing into your bank account and whether it is a check or cash. However, the personalized deposit slips costs money.At the end of the successful deposit transaction, you should received from the bank teller a deposit receipt which summarizes the how much was deposited and your new bank account balance. Some advanced banks will even print a receipt with an image of the check that was deposited.
How do I fill out a SunTrust Bank application?
Go to the website Personal, Mortgage & Small Business Banking.You will find a link to fill out an application.