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MINNEAPOLIS — The use of technology in Bank Secrecy Act and anti-money laundering programs by some credit unions and community banks helps to boost their compliance with BSA requirements, according to a recent survey conducted by Wolters Kluwer Financial Services.

Eighty-five percent of the survey’s 140 respondents who utilize technology report they are confident they are meeting BSA requirements compared to just sixty-seven percent of respondents who don’t use technology. Twenty percent of those institutions using technology said their regulators found any BSA violations during their last visit compared to 31% of those institutions not using technology, according to the survey.

Despite these figures, more than half of the survey’s respondents, all of which had less than $3 billion in assets, reported that they still do not use technology as part of their BSA and AML programs, Wolters Kluwer found.

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