Mastering BSA/AML for accounting firms

Accounting firms are increasingly scrutinized by banks and regulators regarding Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) risks. Although not banks themselves, these firms influence their clients' risk profiles through services like trust accounting and international tax planning.

To mitigate risks, firms must implement strong internal controls, clear documentation and effective IT practices. Key actions include standardizing client onboarding, defining risk triggers, and training staff.

Additionally, firms should ensure their technology supports their risk posture by securing client-fund systems and monitoring system activity. By aligning BSA/AML readiness with existing quality-control practices, firms can enhance client relationships and streamline banking interactions. See more tips.