In addition to the requirement of the Bank Secrecy Act (BSA), the analysis of transactions allows you to clearly identify any suspicious activity that could be taking place in your business such as wires to a person, from drug trafficking collections by several people, the payment of coyotes or simply structuring. Transaction Analysis is one of the processes that the IRS conducts in its audits.
``````````Transaction analysis is one of the most important parts in the operational monitoring of an MSB. It is recommended to do it every 30, 90 or 180 days.
FinCEN works closely with its Delegate Examiners, the Small Business Division, the Internal Revenue Service (IRS), as well as State Regulators, to better coordinate compliance efforts and maximize resources. One area of focus is how effectively MSBs are currently monitoring their agencies. FinCEN expects that information will be available to demonstrate that it has effectively developed and implemented risk-based internal policies, procedures and controls to ensure continuous and adequate monitoring of the agency's activity.
Source: https://fincen.gov/resources/statutes-regulations/guidance/Please complete the information below. Allow us 24-48 hours to contact you
TRANSACTION ANALYSIS |
|---|
| Money laundering |
| Structuring |
| Data Integrity |
| One to Many |
| Many to One |
| Shared addresses |
| Shared phones |
| Changes in Transactions or Transaction Patterns |
Please complete the information below. Allow us 24-48 hours to contact you
Please complete the information below. Allow us 24-48 hours to contact you
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Monitoring of the program's policies and procedures Anti-Money Laundering compliance of the trade and validate if it operates in accordance with the requirements of the Banking Stealth Law (BSA).
The Bank Secrecy Act (BSA) requires all MSBs to establish and maintain a written AML program reasonably designed to avoid being used to facilitate money laundering and financing of terrorist activities.
Analysis of wires transactions made in business and its compliance with policies Regulatory Agencies.