Educate small-business clients about the Bank Secrecy Act.
| Author | Motley, L. Biff |
| Position | Customer Satisfaction |
Marketers should team up with their compliance officers to ensure that file bank develops an effective communications program in connection with implementation of the Bank Secrecy Act (BSA). This compliance program needs to be fully explained to frontline bankers and their clients, especially the small businesses that are the life blood of many community banks.
The BSA was one of the new laws passed as a result of the tragic events of 9/11. These laws are aimed at preventing terrorist activities by tracking illegal money movement. The regulations promulgated under the authority of the BSA require that all "money services businesses" (MSBs) register with a department...
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