The Bank Secrecy Act, What It Is And Why Business Owners Should Be Aware With Robin Roberts, CEO Pikes Peak National Bank

  Banks has always been a secretive establishment, heightened even more so by The Bank Secrecy Act. This makes most, if not all transactions with them a bit unclear and complicated. Bob Roark sits down with https://www.linkedin.com/in/robinjroberts (Robin Roberts), CEO of https://ppnb.com/ (Pikes Peak National Bank), to delve into this law and how the 9/11 incident strengthened it through the Patriot Act. She explains why it is better to simply go on with your usual bank transactions instead of structuring it. Robin also talks about the penalties that come with breaking the Bank Secrecy Act both on the side of the customer as well as the banks. --- Watch the episode https://youtu.be/xzO4mty6K7E (here) The Bank Secrecy Act, What It Is And Why Business Owners Should Be Aware With Robin Roberts, CEO Pikes Peak National Bank Have you ever wondered why banks sometimes do things that are not quite clear? In this series, I have Robin Roberts. She’s the CEO of https://www.ppnb.com/ (Pikes Peak National Bank). She’s going to be talking about the Bank Secrecy Act and how that might apply to you as a business owner. Enjoy. Thank you. --- How many times you have said, “I’ve got a secret and I’m not telling.” The banks have secrets too, but it’s not because they want to have secrets. It’s because they have a Bank Secrecy Act. We thought we would take in, pull the cover off of the secrets in the Bank Secrecy Act. You talk about them and how they might affect you as the business owner and a client of a bank. Robin, thank you. This is Robin Roberts the CEO of https://www.ppnb.com/ (Pikes Peak National Bank). We are in the demystifying stage of talking about lending, banking and business owners. I always felt like I need to talk about the Bank Secrecy Act because it’s a law. First of all, it was created in 1971 or 1972 to at least find racketeering, drug rings and money laundering being done through the banking system. After 9/11, with the Patriot Act, the Bank Secrecy Act was strengthened. Several thin