BSA / AML Compliance

tellerThe Bank Secrecy Act (BSA) requires financial institutions to keep records and file reports on certain financial transactions, now delegated to the Financial Crimes Enforcement Network (FinCEN). Thousands of financial institutions are currently subject to BSA reporting and record keeping requirements, including banks, credit unions and thrifts. FlexTeller overcomes the regulatory hurdles associated with currency reporting by automating many of the required functions.

Rely on real-time tracking of cash transactions. Unlike batch reporting systems that require manual review, FlexTeller automates cash tracking in real time to generate large currency reports while the customer is present. FlexTeller cash tracking aggregates across multiple branches for each business day to ensure the financial institution is compliant with regulatory requirements. Financial institutions have complete control over their use of FlexTeller cash tracking, allowing customer service or network traffic needs to be anticipated.

Purchases of monetary instruments follow similar cash tracking functions, reporting at BSA required thresholds. In addition, FlexTeller electronic transactions eliminate the need to manually update Monetary Instrument Logs, providing greater accuracy and opportunities to cross check against OFAC watch lists.