Bank Secrecy Act
The Bank Secrecy Act (BSA), also known as the Anti-Money Laundering Law (AML), passed into law in 1970. Designed to combat money laundering, the BSA established requirements for financial institutions that protect their clients, their communities and the country. Specifically, the law established requirements for recordkeeping and reporting suspicious activity that could indicate money laundering and other crimes.
Lake City Bank has integrated BSA controls into our processes and structure. Specifically, Lake City Bank maintains a BSA/AML compliance program including:
- Designating a BSA officer who is responsible for managing BSA/AML compliance
- Designing, implementing and maintaining internal controls to ensure ongoing compliance with the BSA, and due diligence of our customer base to identify beneficial ownership
- Conducting independent BSA/AML compliance testing
- Implementing yearly training for all bank employees based on their specific job responsibilities
