Transcription of AML/SAR Tip Sheet – Mortgage Companies
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AML/SAR Tip Sheet – Mortgage Companies
AML/SAR Tip Sheet Mortgage Companies Anti Money Laundering (AML) Program and Suspicious Activity Reports (SAR). Keep in mind we are not a law firm and this is not legal advice! What Is BSA and AML? The Bank Secrecy Act (BSA) has been around for decades and is designed to flag law enforcement about potentially illegal activity involving money laundering and other criminal or terrorist activity. The information is coordinated by the Financial Crimes Enforcement Network (FinCEN). Loan and finance Companies have been exempt since the act went through significant changes in 2002. Behind the scenes we have known the day will come when lenders would no longer be able to benefit from exemption.
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