Nevada Small Business logo
Search
  • Start

    Random

    • w

      Ten Ways to Get More Done When Working from Home

    Recent

    • Writing the Financial Part of Your Business Plan

      Writing the Financial Part of Your Business Plan

    • Q

      Six Critical Questions to Ask Your Business Banker

    • Cash Flow concept with young man holding a tablet

      Step-by-Step Cash Flow Management

    • Legal
    • Manage
    • Money
    • People
    • Promote
    • Technology
  • Grow

    Random

    • Card reading Life insurance

      Life Insurance Q and A’s For Small Business Owners

    Recent

    • ??????????????????????????

      Four Things Your Business Should Do Once a Year

    • ??????????????????????????

      Seven Traits to Look for When Hiring

    • ????????????????????????????

      Six Tips for Running a Business With Your Spouse

    • Legal
    • Manage
    • Money
    • People
    • Promote
    • Technology
  • Manage

    Random

    • Consumer reviews concepts with bubble people review comments and

      Online Reviews Can Improve Your Products or Services

    Recent

    • ?????????????????????

      Seven Tips for Boosting Business Creativity

    • Ransomware Cyber Attack Showing Personal Files Encrypted

      Help Protect Your Company from Ransomware

    • ???????????????????

      Six Tips for Hosting a Business Event

    • Legal
    • Manage
    • Money
    • People
    • Promote
    • Technology
  • Economic Briefing

    Recent

    • Economic Briefing - February 2023

      Economic Briefing - February 2023

    • ??????????????????????????????

      Economic Briefing - January 2023

    • Elko Economic Briefing

      Elko Briefing - 4th Quarter 2022

    • Economic Briefing December 2022

      Economic Briefing - December 2022

    • Economic Briefing - November 2022

      Economic Briefing - November 2022

    • Economic Briefing - October 2022

      Economic Briefing - October 2022

    • Elko Economic Briefing

      Elko Briefing - 3rd Quarter 2022

    • Economic Briefing - September 2022

      Economic Briefing - September 2022

    • Economic Briefing - August 2022

      Economic Briefing - August 2022

    • Economic Briefing - July 2022

      Economic Briefing - July 2022

    • Elko Economic Briefing

      Elko Briefing - 2nd Quarter 2022

    • Economic Briefing - June 2022

      Economic Briefing - June 2022

  • 2023 Small Business Survey: Download Now
  • Newsletter Signup
  • Resources
  • About
  • Visit NSBank.com
  • Start
    • Legal
    • Manage
    • Money
    • People
    • Promote
    • Technology
  • Grow
    • Legal
    • Manage
    • Money
    • People
    • Promote
    • Technology
  • Manage
    • Legal
    • Manage
    • Money
    • People
    • Promote
    • Technology
  • Economic Briefing
HomeStartMoney

The Bank Secrecy Act and Your Business

The Bank Secrecy Act (BSA) was enacted by Congress in 1970 to fight money laundering and other financial crimes.  Since the 2001 terrorist attacks, the U.S. government has amended the original Act, imposing many legislative and regulatory standards to help deter money laundering as one way to fight international terrorism.

The BSA requires many financial institutions to create “paper trails” by keeping records and filing reports on certain transactions.  Its reporting and recordkeeping provisions apply to banks, savings and loans and credit unions as well as other financial institutions, including money services businesses (MSBs).

Under the Bank Secrecy Act, all financial institutions are required to implement a Customer Identification Program, which must include procedures for verifying the identity of each customer. Certain kinds of businesses and banking clients may require closer scrutiny at account opening as well as ongoing review of their transactions.

Bank regulatory agencies have identified a number of “high-risk” client categories and Money Services Businesses, which include: accountants, convenience stores, lawyers, pawn shops, restaurants and travel agencies, to name just a few.  Additional information that may be required of clients in these “high-risk” categories includes, but is not limited to, the following:

  • Occupation
  • Account signer(s)
  • Is owner a senior foreign official or relative of a senior foreign official?
  • Estimated net worth
  • Expected average monthly balance
  • Anticipated international transactions
  • Anticipated monthly wires, both foreign and domestic
  • Anticipated monthly deposits
  • Anticipated monthly withdrawals

If your business falls into any of the wide-ranging categories identified as “high-risk,” your bank may be legally required to further evaluate your documentation or ask you to provide the supplemental information described above.

To learn more about this regulation and its requirements, you may visit the Department of the Treasury’s Financial Crimes Enforcement Network website at www.FinCEN.gov.

 

The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice. Any views expressed in this article may not necessarily be those of Nevada State Bank. Nevada State Bank is a division of Zions Bancorporation, N.A. Member FDIC

 

Popular Posts

  • w

    Will Asset-Based Financing Work for You?

  • Disabled Manager Sitting With His Colleagues

    Five Ways to Make Your Workplace More Accessible

  • Economic Briefing - April 2022

    Economic Briefing – April 2022

bank account Nevadabank reportingbank secrecy actopen account Nevada

Seven Ways to Find Work/Life Balance as a Business Owner
Will Asset-Based Financing Work for You?

Related Posts

  • e

    What’s Your Elevator Pitch? Success in 60 Seconds

  • Six Ways to Get Comfortable with SB Finances

    Six Ways to Get Comfortable with Small Business Finances

  • Agreement with consultant

    Small Business Administration Loans: The Basics

  • Making-Marketing-Work-for-You-Small-1024x682

    Seven Ways to Make Marketing Work for You

We help Nevada’s small businesses succeed.

Hosted by Nevada State Bank, we're a one-stop digital resource center for business owners, executives and entrepreneurs. Looking for advice on starting, growing, or managing a business in Nevada? You’ll find what you need here.

Nevada Small Business

  • Start
  • Grow
  • Manage
  • Survey Report
  • Economic Briefing
  • About Us
  • Contact Us

Newsletter Signup



Follow Us

Follow Us on FacebookFollow Us on TwitterFollow Us on LinkedInFollow Us on YouTube

The information contained herein may not represent the views and opinions of Nevada State Bank or its affiliates. It is presented for general informational purposes only and does not constitute tax, legal, or business advice. Clicking any of the links to 3rd party sites will direct you to a website that is not affiliated with Nevada State Bank or Zions Bancorporation and may have a different privacy policy and level of security. Nevada State Bank and Zions Bancorporation are not responsible for, and do not endorse or guarantee the privacy policy, security, accuracy or performance of that site or the information, products or services that are expressed or offered on the site.

 Nevada State Bank, a division of Zions Bancorporation, N.A. Member FDIC | Equal Housing Lender
© 2023 Zions Bancorporation, N.A. All rights reserved.

Online Privacy Statement

Warning: You're about to leave the website!

You are about to leave Nevada State Bank's website and be directed to a website that is not affiliated with Zions Bancorporation, N.A. dba Nevada State Bank or Zions Bancorporation and may have a different privacy policy and level of security.

Zions Bancorporation, N.A. and Zions Bancorporation are not responsible for, and do not endorse or guarantee, the privacy policy, security, accuracy, or performance of the third party's website or the information, products, or services that are expressed or offered on that website.