What is BSA?
What the BSA requires
Financial institutions subject to the BSA must run a customer identification program, monitor for suspicious activity, file Currency Transaction Reports for cash above a set threshold, and file Suspicious Activity Reports when warranted. These rules are enforced by FinCEN and the federal banking agencies.
Why you get asked for ID
When a fintech or bank asks for your legal name, date of birth, address, and an identification number at signup, that is the customer identification program required by the BSA. It is a legal requirement, not optional friction. A failure to verify identity usually means the account cannot be opened.
BSA, KYC, and AML — how they relate
| Term | Meaning |
|---|---|
| AML | The broader framework for preventing money laundering and illicit finance. |
| BSA | The US statute that puts AML obligations on financial institutions. |
| KYC | "Know your customer" — the identity-verification step required by AML rules. |
How this relates to Kronos
KronosPay LLC is a financial technology company. Where Kronos offers provider-dependent financial services through a partner bank, that partner is the regulated institution subject to the BSA, and the identity verification you complete at onboarding satisfies those requirements. Read the bank-status page.
Primary sources
General educational information only; not legal advice.