BSA/AML Policy and Procedures

Description

The BSA/AML Policy and Procedures outlines how a mortgage company can align the current risks in their lending area with procedures to reduce the risk of money-laundering activities during the mortgage loan process. The Bank Secrecy Act (BSA), USA PATRIOIT ACT, and Anti-Money Laundering Act of 2020 require all mortgage bankers, brokers, and lenders to establish and maintain policies and procedures to ensure adherence to Anti-Money Laundering (AML) laws, rules, and regulations.

This risk-based policy is designed to help identify and mitigate the risk of money laundering by taking into account factors such as your client base, office locations, and the mortgage products offered. It also identifies the procedures required when there are suspicious activities detected.