Author Elizabeth Wilmot

Data Killers Helps with Bank Secrecy Act Compliance

Data Killers Helps with Bank Secrecy Act Compliance

The Bank Secrecy Act, often abbreviated BSA or referred to as the Currency and Foreign Transactions Reporting Act, requires financial institutions to assist the federal government in detecting and preventing tax evasion and money laundering. This means that financial institutions must keep records and file reports regarding large cash transactions or other suspicious activities that might indicate criminal activity. Data destruction with Data Killers helps with bank secrecy act compliance.

What does this mean?

Financial institutions are required by law to submit Currency Transaction Reports (CTR) whenever a citizen or business is involved with a cash transaction exceeding $10,000. CTRs include personal information about the individuals involved in the transaction including: bank account number, name, address, social security number, and more. Under the regulations laid out by the BSA, financial institutions must retain this information for a stipulated number of years. In some cases, this electronically stored information can even be used by ediscovery companies during litigation processes. Due to the sensitive nature of the stored information, it is absolutely crucial that once the files have reached the end of the mandated storage period, they are destroyed correctly. Since most records are now stored electronically, this means that a certified data destruction service must be used.

Who provides certified data destruction?

Data Killers is the leader in the on-site data destruction field. With years of experience and extensive references, Data Killers offers nationwide on-site data destruction for financial institutions, companies, and government agencies that must adhere to stringent federal regulations. We have many bank customers across the country including both large and small financial institutions. Our services include: on-site hard drive shredding, tape shredding, tape degaussing, and incineration.

We can supply a complete audit trail of all destroyed media including serial numbers and manufacturers for compliance purposes. All of our employees are thoroughly versed and trained in BSA destruction standards and laws and are happy to assist you in compliance documentation. Data Killers has the credentials and experience even for classified data destruction projects.