Banks 'can save money' by complying with BSA


"The amount of money firms have to spend to comply with an enforcement action and/or a fine is many times more than it costs to develop and maintain a BSA compliance programme, and the fines will only keep increasing," says Breffni McGuire, senior global payments analyst for Towergroup, a Massachusetts-based financial services consulting firm.

In a research report: Pay Now or Pay Later: Anti-Money Laundering Programmes Offer Road Map for US Funds Transfer Compliance, McGuire, urges banks to

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