The Bank Secrecy Act (BSA), officially known as the Currency and Foreign Transactions Reporting Act of 1970, is the foundational anti-money laundering (AML) law in the United States. It requires financial institutions, including acquiring banks and Payment Facilitators, to collaborate with the US government in cases of suspected money laundering and fraud.
Core BSA Requirements
Under the BSA, payment institutions must establish a comprehensive AML program. This includes formalizing a Customer Identification Program (CIP) to verify merchant identities (KYM/KYB), maintaining records of large cash transactions, and continuously monitoring portfolios to detect and report suspicious activity.
Automating BSA Compliance with Onlayer
Maintaining BSA compliance manually requires armies of risk analysts. Onlayer automates the heaviest burdens of the BSA. By screening entities against OFAC and global watchlists in real time and driving a >95% reduction in false positives, Onlayer allows you to meet strict BSA requirements without needing to add more headcount to your operations teams.
