Bank Secrecy Act Compliance Program

To combat money laundering in the United States, Congress enacted a series of laws, collectively referred to as the Bank Secrecy Act (BSA), requiring financial institutions in the U.S. to assist government agencies in detecting and preventing money laundering and other financial crimes. The BSA requires financial institutions to create “paper trails” by keeping records and filing reports on certain transactions to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network. The BSA’s reporting and recordkeeping provisions apply to banks, savings and loans, and credit unions as well as other financial institutions, including money services businesses (MSBs). The Postal Service is classified as a MSB as it sells money orders, conducts Sure Money wire transfers (an electronic money transfer service), and sells gift cards. The BSA requires all MSBs to establish and maintain an effective written anti-money laundering program.