US Regulatory Compliance

The USA has had several Acts, which dealt with Money Laundering, and the BSA (Bank Secrecy Act) 1970 is an important legislation that prescribed measures to be followed by financial institutions for fighting money laundering. The USA PATRIOT Act (Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism), passed in the wake of the September 11th terrorist attacks and signed into law by the President on October 26, 2001, brought significant amendments to the relevant AML provisos of the BSA Act and enhanced the reach of Federal laws.

The United States created the Financial Crimes Enforcement Network (FinCEN) in 1990. FinCEN is an FIU (Financial Intelligence Unit) within the U.S. Department of the Treasury. FinCEN is tasked with safeguarding the financial system from the abuses of financial crimes, including terrorist financing, money laundering, and other illicit activity.

FinCEN's mission is to enhance U.S. national security, deter and detect criminal activity, and safeguard financial systems from abuse by promoting transparency in the U.S. and international financial systems.

Compliance with the provisions of BSA AML laws and the requirements of FinCEN regulations is a top priority for Bendix Payment Solutions.

Bendix’s Commitment

Bendix Payment Solutions commits itself to fulfilling the legal and moral requirements to set in place formal policies and procedures that will protect the company and its clients from money laundering and terrorist financing activities.

Bendix considers Regulatory Compliance a top priority and takes all-necessary measures to achieve full adherence to the US compliance regulations We will strive, with all available means, to accomplish our stated goal of full compliance with applicable laws.

Bendix recognizes that compliance is an on-going process requiring the full cooperation of everyone involved. The procedures required to fulfill our commitment to ensure full compliance are built into our BSA AML policies and systems. We will take all necessary measures to ensure that compliance with these policies, which are aligned with Federal and State requirements, remains a primary concern.