Money Laundering & Terrorism Financing Screening Requirements

The Bank Secrecy Act (BSA) requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering. This includes identifying and investigating customers during onboarding and taking a risk-based approach to monitoring and periodic review of customers’ money laundering risk. The BSA has been amended several times including:

  • Money Laundering Act of 1986 – which makes money laundering a federal crime.
  • Title III of the USA Patriot Act of 2001 – which adds policies and procedures to detect and prevent international money laundering and the financing of terrorism. The act also expanded the list of specified unlawful activities that are predicate offences for money laundering to include the financing of terroristic activities and proceeds of bribery.

 

Compliance Made Easy

Opus can help you comply with regulations via Clarity KYC solutions, our online workflow and surveillance tools for KYC/AML compliance and our award-winning, powerfully nimble Data Solutions and Services that that facilitate the cross-referencing and mapping of entity and reference data to help verify the identity of customers and beneficial owners and more.