BSA-program ready, for examination.
KYC + CIP
Customer Identification Program written + risk-tiered. CIP applies at onboarding, ongoing CDD applies forever after.
SAR filing workflow
Suspicious Activity Report drafting + 30-day filing deadline + 60-day continuation cycle. We provide the process + templates.
CTR thresholds
Currency Transaction Reports for cash transactions over $10K. Structuring detection workflow. 15-day filing.
OFAC sanctions screening
Daily SDN list screening for customers + counterparties. Match handling + blocked transaction reporting.
FinCEN MSB registration
Money Services Business registration with FinCEN. Required before transmission begins. Renewed every 2 years.
BSA officer + training
Designated BSA Officer named in your AML program. Annual training + independent testing required.
A clean handoff, in 4 steps.
Scope assessment
We assess your products, customer types, geographic exposure, and transaction volumes to scope the BSA risk.
Written program
BSA/AML policies + procedures + risk assessment + customer due diligence + suspicious activity monitoring + recordkeeping.
Operationalize
BSA Officer designation, training plan, vendor selection (KYC vendor, sanctions screening, transaction monitoring).
Independent testing
Annual or bi-annual independent BSA testing. We coordinate with audit partners.
One-time, or part of your BOS.
- Risk assessment
- Written AML program
- KYC + CIP procedures
- SAR + CTR workflows
- OFAC screening procedures
- BSA Officer designation help
- Vendor recommendations
- Annual BSA training
- Independent testing coordination
- Regulatory change updates
- Quarterly check-in
- SAR drafting support
- FinCEN registration renewal
Common questions.
What is BSA compliance?
BSA compliance means following the Bank Secrecy Act's anti-money-laundering requirements, which apply to banks and many financial businesses like money services businesses, requiring programs to detect and report suspicious activity. It is a significant regulatory obligation for covered businesses. We keep your entity organized and flag whether it applies to you.
Who must comply with the BSA?
Banks, money services businesses, and various financial institutions are subject to BSA requirements, so businesses handling money transmission, currency exchange, or similar activities are commonly covered. We flag whether your business model falls under the BSA so you build compliance where it is required.
What does a BSA compliance program require?
Covered businesses generally need an anti-money-laundering program with internal controls, a designated compliance officer, training, independent testing, and customer due diligence, plus reporting like suspicious activity reports. We flag the elements so a covered business builds the program the BSA requires.
Is BSA the same as the CTA and BOI reporting?
No: the BSA is an anti-money-laundering regime for financial institutions, while the Corporate Transparency Act's BOI reporting is a separate ownership-transparency requirement, though both are administered in the AML space. We flag the distinction so you address the right obligations for your business.
Do I need a compliance officer?
For covered businesses, yes: a designated BSA/AML compliance officer is a core requirement of a compliant program, so a money services business or similar must appoint one. We flag the requirement so your business's compliance program has the responsible role the BSA expects.
What is a money services business?
A money services business includes activities like money transmission, currency exchange, and certain check cashing or prepaid access, and such businesses are subject to BSA registration and AML requirements. We flag whether your activities make you an MSB so you handle the registration and compliance that follow.
What are the penalties for BSA non-compliance?
BSA violations can bring significant civil and even criminal penalties, and regulators take AML compliance seriously, so covered businesses cannot treat it lightly. We flag the stakes so a covered business builds and maintains a genuine compliance program rather than a nominal one.
How does BSA compliance fit with forming my business?
It layers a substantial regulatory program on top of forming the entity, so a financial business has entity, licensing, and BSA/AML requirements together. We handle the entity and flag the BSA and licensing obligations so your regulated financial business is set up with the full picture.
Can File.Business help a financial business get set up?
We form the entity, obtain the EIN, provide the registered agent, and flag whether the BSA and related licensing apply to your model, coordinating with the compliance specialists who build AML programs, so your financial business is set up on a compliant foundation.