Bank Secrecy Act. SCEFCU June 21, 2005. What is the Bank Secrecy Act?.
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June 21, 2005
Frequent or uncharacteristic wire transfersCharacteristics of Money Laundering
Any suspected Money Laundering must be reported to the BSA Officer for further investigation and SAR filing.Characteristics of Money Laundering
We cannot do transactions for anyone who falls under OFAC restrictions.
The credit union will not establish a formal relationship with a potential member until we have formed a reasonable belief that we know the individual’s true identity.
Ignorance of the law is not an acceptable excuse to avoid potential personal liability and willful acts of non-compliance are prosecuted as felonies!