Why Bank Secrecy Act reporting matters

first_img 12SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Credit union employees responsible for Bank Secrecy Act (BSA) compliance and reporting feel the burden of their work, but they don’t always see the connection to law enforcement actions.But BSA reporting does have real-world implications, according to the Financial Crimes Enforcement Network (FinCEN).FinCEN’s annual Law Enforcement Awards ceremony showcases the impact of financial institution reporting, including:Taking down a large criminal drug organization. “Law enforcement seized 16 firearms, 14 kilos of cocaine, 12 pounds of marijuana, 90 grams of crack cocaine, 153 grams of heroin, 75 oxycodone pills, $200,000 in cash, and several vehicles. Coordinated efforts resulted in the arrest and indictment of 55 individuals.” continue reading »last_img

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