Bank Secrecy Act Compliance and Data Backup
The Bank Secrecy Act (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions to maintain records of transactions that are useful to the Department of Treasury in criminal, tax and regulatory investigations.
Who is affected by the Bank Secrecy Act’s Data Protection Regulations?
Types of financial institutions required to comply with the Bank Secrecy Act
- Commercial banks
- Credit unions
- Stock brokerage firms
- Asset management firms
- Insurance companies
- Finance companies
- Building Societies
How Remote Data Backups helps you comply with the Bank Secrecy Act’s Data Security and Privacy Regulations
Remote Data Backups’ business-class data protection solution provides robust security and privacy measures to ensure the safety of your data backup, including:
- 256-Bit AES encryption
- Private encryption Key
- Data is stored safely offsite
- Mirrored underground data centers
- Restricted physical access to your data
- Written contingency plan
- Secure control over backup media
- Reputable backup service provider
- Free 24/7 support in case of disaster
The Bottom Line on the Bank Secrecy Act and Data Backup
Remote Data Backups’ secure and reliable offsite backup solution helps protect you against data loss, data breach and audits that can leave your organization liable for serious penalties including client disclosure, fines, civil suits and loss of practice.
Protect your data with Remote Data Backups. Click here to get started!
Questions? Give us a call at 1-866-722-2587.