BSA in the US

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What is

BSA in the US

?

The Bank Secrecy Act from 1970 (or BSA) is compiling rules to prevent anti-money laundering in the United States.

Money Service Businesses (MSB) are subject to the Bank Secrecy Act and must thus comply with its requirements. MSBs must implement and maintain effective anti-money laundering programs and adopt a risk-based approach. These include due diligence and monitoring or sanction lists compliance for example.

In a 2019 guidance, FinCEN explained that VASPs were also subject to the Bank Secrecy Act. As such, they should register as Money Service Businesses.

Link to the guidance.

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