Over and beyond a local council’s car liability policy or a volunteer’s or chartered organization’s automobile or watercraft liability policy, the BSA general liability insurance program provides volunteers and chartered organizations with additional excess coverage for motor vehicles. The principal liability insurance is the owner’s motor vehicle (automobile) or watercraft liability insurance. The extra insurance, whether local council car or BSA general liability, is only available while the motor vehicle or watercraft is being used by a Scouting unit and during an official Scouting activity.
The general liability insurance supplied to unregistered Scouting volunteers engaging in an approved Scouting activity is in addition to any other insurance the volunteer may have, such as a homeowner’s, personal liability, motor vehicle (automobile), or watercraft coverage.
What does the BSA do?
Financial institutions must use the Bank Secrecy Act BSA E-Filing System to file Suspicious Activity Reports as of April 1, 2013.
A financial institution must file a suspicious activity report no later than 30 calendar days after discovering facts that may be grounds for filing a report. A financial institution may delay filing a suspicious activity report for an additional 30 calendar days if no suspect was identified at the time the incident requiring the report was discovered. Reporting must be completed no later than 60 calendar days from the initial detection of a reportable transaction.
Financial institutions are mandated by the Bank Secrecy Act (BSA) to help US federal authorities in detecting and preventing money laundering, including:
- Report any cash transactions that exceed $10,000 (daily total amount), and
- Suspicious activity that could indicate criminal conduct should be reported (e.g., money laundering, tax evasion)
The USA Patriot Act, which requires every bank to develop a client identification scheme as part of its BSA compliance program, is incorporated into an amendment to the BSA.
What is the BSA settlement?
On Wednesday, a $2.7 billion proposal to save the Boy Scouts of America from bankruptcy while compensating tens of thousands of sex abuse victims appeared to be on the verge of collapse, with more than a quarter of claimants voting to reject the plan in a preliminary vote tally.
The Boy Scouts had hoped to receive support from 75 percent of victims in order to help the youth organization win final permission from a bankruptcy judge, but preliminary results showed that just 73 percent of victims were in favor of the deal. In a statement, the Boy Scouts stated that they were continuing to engage in conversations to supplement the agreement and maybe get further support.
“These preliminary results are encouraging,” the organization stated. Out of the 82,000 victims who came forward with sex abuse accusations during the bankruptcy procedures, about 54,000 people voted.
Months of high-stakes discussions resulted in a $2.7 billion settlement plan for victims, with much of the money coming from insurance companies and more than $800 million coming from the Boy Scouts and their vast network of local councils. Cash, property, and other assets, including a renowned collection of Norman Rockwell paintings, are expected to be contributed by the Boy Scouts.
What is BSA data?
The Bank Secrecy Act (BSA), our country’s first and most comprehensive anti-money laundering act, is administered by the Financial Crimes Enforcement Network (FinCEN). The BSA mandates that depository institutions and other industries that are prone to money laundering employ a range of anti-money laundering measures. This involves filing and reporting information on financial transactions that could be indicative of money laundering, such as cash transactions over $10,000 and suspicious transactions. More than 97,000 U.S. financial institutions filed more than 20 million BSA reports in fiscal year 2019, offering a lot of potentially relevant information to authorities tasked with detecting and preventing money laundering, other financial crimes, and terrorism.
The mere filing of these reports has a tremendous impact on money laundering prevention. These reports, however, must be accessible to law enforcement, counter-terrorism agencies, financial regulators, and the intelligence community in order to be useful in detecting money laundering. FinCEN believes that the best way to accomplish this is to implement effective technology and processes that are tailored to the demands of our stakeholders.
How many BSA troops are there?
In the United States, there are around 150,000 Boy Scout groups and Cub Scout packs. Each troop has an adult leader, known as the Scoutmaster, who is a qualified and registered volunteer with the Boy Scouts of America.
Who has to comply with BSA?
Banks and other financial organizations are required by law to supply authorities with paperwork, such as currency transaction reports. When their clients deal with suspected cash transactions involving sums of money above $10,000, banks may be forced to provide such proof. The law makes it easier for authorities to reconstruct the nature of the transactions.
What positive impact has BSA brought to society?
New research has discovered the huge, positive impact Eagle Scouts have on society, from leadership to giving, voting to volunteering, safeguarding the environment, and being prepared for emergencies, one hundred years after the first Eagle Scout Award was bestowed.
How much will victims get from Boy Scouts?
The Boy Scouts have stated that victims of the worst abuses might receive up to $2.7 million in compensation, while critics of the proposal believe that the largest award would be little more than $58,000.
Is the BSA shutting down?
I was sexually, physically, and emotionally abused by the Boy Scouts of America for years, starting when I was ten years old. For over half a century, I struggled alone, burying the most traumatic memories and suffering in silence with no one to turn to. Because of my poor self-esteem, I suffered unnecessary setbacks in my life, and I came dangerously near to committing myself twice.
Then, in recent years, I began to believe that the dam was about to burst, and that the tens of thousands of victims of Boy Scout abuse would finally receive justice.
Instead, the Boy Scouts of America (BSA) filed for bankruptcy, effectively muting our voices and absolving them of all accountability. The Boy Scouts’ bankruptcy lawsuit reached a turning point on Thursday, July 29. Although a judge extended the deadline for BSA national and individual troops to reach an agreement on how to compensate survivors until late August, the decision set the stage for the settlement to be approved, allowing the BSA and its insurers to pay for what the BSA did to me and the other 82,000 eligible victims.
Survivors of horrendous acts are entitled to a day in court, but the BSA’s bankruptcy proceedings have effectively put an end to any future claims against it. While the class of victims has agreed to a preliminary settlement with the Boy Scouts of America and local governments albeit a small one – the final compensation will be mostly funded by the Boy Scouts’ insurance companies. The long, agonizing process of determining how much our misery was worth proceeded at Thursday’s hearing. As things stand, there is still a discrepancy between the value of our claims and the BSA’s estimate.
BSA aims to exploit the bankruptcy proceedings to get out of the situation as inexpensively as possible, and, worse, to keep us silent. Survivors will be unable to sue the BSA for any abuse after the bankruptcy is granted. The bankruptcy procedure can be used by BSA as both a shield and a sword, to protect themselves from the consequences of decades of supporting sexual abuse while also injuring their victims.
What is the latest on the Boy Scouts lawsuit?
The Boy Scouts of America has struck a tentative deal with an official bankruptcy committee representing more than 80,000 men who claim they were raped as youngsters by Scout leaders and others, two years after filed for Chapter 11 protection amid a wave of child sex abuse claims. 10 February 2022, 6:11 p.m.