AML BSA Compliance
Made Simple.

The Bank Secrecy Act (BSA) is the U.S. federal law that requires financial institutions to maintain Anti-Money Laundering (AML) programs. BSA compliance is the legal framework; AML compliance is the program you build to satisfy it. When people say "AML BSA compliance," they mean meeting the BSA's requirement to have a written AML program, including annual employee training, a risk assessment, policies and procedures, and suspicious activity reporting.

The five pillars of BSA AML compliance are: first, a designated BSA compliance officer responsible for day-to-day oversight; second, written AML policies and procedures covering your specific business risks; third, annual AML employee training with documented certificates of completion; fourth, independent testing of your AML program by a qualified third party; and fifth, customer due diligence procedures for identifying and verifying customers. Soflo's platform directly addresses pillars two, three, and five.

Yes, if your small business is classified as a financial institution under the Bank Secrecy Act. Size does not exempt a business from BSA AML compliance obligations. FinCEN has assessed civil money penalties against small check cashers, small mortgage companies, and small money transmitters for failing to maintain adequate AML programs. Soflo's platform is specifically designed for small and mid-sized regulated businesses, with plans starting at $75 per seat per year.

Annual AML BSA training on Soflo's platform takes approximately 45 to 90 minutes per employee, depending on the industry module. Training is delivered entirely online through video modules and can be completed at any time. Certificates of completion are auto-generated immediately after passing the final assessment. Employees can pause and resume training at any point.

A BSA risk assessment is a written document that identifies and evaluates the specific money laundering risks your business faces, based on your customer types, products and services, transaction volumes, and geographic exposure. FinCEN requires every covered financial institution to maintain a current BSA risk assessment as the foundation of its AML program. Without a documented risk assessment, your AML program is considered deficient by examiners regardless of how good your training or policies are.

Businesses that fail BSA AML compliance examinations face civil money penalties from FinCEN, cease-and-desist orders from state regulators, license suspension or revocation, and reputational damage. FinCEN has assessed penalties ranging from tens of thousands to hundreds of millions of dollars depending on the severity of the deficiencies. Soflo clients are equipped with structured documentation designed to help businesses present their AML/BSA program during regulatory review. All plans include exportable completion reports, certificates, and training logs.