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BSA Compliance Remains a Top Priority For Financial Institutions in 2006

Wolters Kluwer Financial Services Survey Also Indicates Anti-money Laundering, Data Security, and USA PATRIOT Act Among Other Top Compliance Concerns

Meeting the requirements of the Bank Secrecy Act (BSA) is the number one compliance concern of community banks and credit unions that responded to a survey conducted by Bankers Systems, a part of Wolters Kluwer Financial Services.

Seventy-five percent of the survey’s 119 respondents, a majority of which had assets of less than $1 billion, said BSA compliance was top of mind for 2006.

Many of the other significant compliance issues identified were related to BSA requirements:

  • anti-money laundering requirements (62 percent)
  • data security (50 percent)
  • compliance examinations (50 percent)
  • PATRIOT Act compliance (43 percent)
  • Customer Identification Program requirements (42 percent).

The survey’s findings also revealed that respondents plan to focus their business development efforts primarily in the areas of:

  • commercial lending (52 percent)
  • consumer lending (46 percent)
  • information technology risk management (45 percent)
  • mortgage lending (31 percent)
  • opening a new branch (27 percent).

“The compliance and business challenges identified in this survey are consistent with what we’re hearing from our customers on a daily basis,” John Bryant, senior vice president of banking for Wolters Kluwer Financial Services, said. “Staying on top of what matters the most to their business helps us design compliance solutions and offer support that is both practical and efficient for them.”

Bankers Systems’ large compliance staff reviewed more than 33,000 pieces of legislation at the state and federal levels in 2004, including regulations and case law for all 50 states, the District of Columbia, and the U.S. Government. The company’s compliance specialists also answered more than 45,000 phone calls from financial institutions on its compliance support lines.

The survey was conducted through Bankers Systems’ E-News on-line newsletter (  www.bankerssystems.com/enews) and on its ComplianceHeadquarters.com web site, which provides reliable, convenient, and understandable compliance information and solutions to the financial services industry.

The 119 survey responses were received from banks and credit unions across the United States. Sixty-four respondents had less than $1 billion in assets, nine respondents had between $1 billion and $10 billion in assets, one respondent had more than $10 billion in assets, and 45 respondents did not answer or were not sure.

About Wolters Kluwer Financial Services

Wolters Kluwer Financial Services, a market leader and strategic customer unit of Wolters Kluwer, provides best-in-class compliance, credit, and operational risk management and work flow services and solutions; as well as capital changes and corporate actions data and tools to banks, credit unions , mortgage companies, securities organizations, and insurance companies throughout the United States. Its well-known brands include Bankers Systems, Atchley Systems, VMP Mortgage Solutions, PCi Corporation, GainsKeeper, CCH INSURANCE SERVICES, CCH Wall Street, CCH Capital Changes, and CT Insurance Services.

The organization’s solutions include documentation and documentation platforms; analytics; regulations and statutes tools; and capital changes and corporate actions services—all focused on helping its customers manage risk while becoming more efficient, productive, and responsive.

Wolters Kluwer is a leading multinational publisher and information services company. The company's core markets are spread across the health, corporate services, financial services, tax, accounting, law, regulatory, and education sectors. Wolters Kluwer has annual revenues (2004) of €3.3 billion, employs approximately 18,400 people worldwide and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its depositary receipts of shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.