29: BSA, OFAC, KYC, and CIP – What do they mean to me?
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Show Notes
The Bank Secrecy Act (BSA) and parts of the U.S. Patriot Act's Office of Foreign Asset Control (OFAC) requirements have seemingly similar goals: to prevent money laundering and the funding of terrorist activities. Yet a lively debate surrounds which entities are covered by these acts, what the acts stipulate, and what entities must do to comply with them.
In this episode, Consumer Financial Services Regulatory Compliance attorneys Sarah Edwards (New Orleans), Chris Couch (Birmingham), and Jeff Barringer (Albany) discuss the manner in which these requirements vary based on the type of financial institution, whom they serve, and what they do.