Bank Secrecy Act

E6065

United States federal statute anti–money laundering law financial regulation law

The Bank Secrecy Act is a U.S. law that requires financial institutions to assist government agencies in detecting and preventing money laundering, terrorist financing, and other financial crimes.

Aliases (5)

Statements (48)

Predicate	Object
instanceOf	United States federal statute → anti–money laundering law → financial regulation law →
aimsToProtect	integrity of the U.S. financial system →
alsoKnownAs	Currency and Foreign Transactions Reporting Act →
appliesTo	banks → broker-dealers in securities → casinos → credit unions → money services businesses → other covered financial institutions →
basisFor	U.S. anti–money laundering regulatory framework →
complianceRequires	designation of a BSA compliance officer → independent testing of AML programs → internal controls at financial institutions → ongoing employee training →
country	United States →
enforcedBy	FinCEN → Financial Crimes Enforcement Network → U.S. Department of the Treasury → federal banking regulators →
jurisdiction	United States financial system →
legalArea	banking law → financial crime law →
objective	provide information useful in criminal tax and regulatory investigations →
obligates	financial institutions to assist U.S. government agencies →
primaryPurpose	combat other financial crimes → detect and prevent money laundering → detect and prevent terrorist financing →
relatedConcept	anti–money laundering → counter-terrorist financing → financial intelligence → regulatory compliance →
requires	anti–money laundering compliance programs → currency transaction reports → customer identification procedures → recordkeeping for certain financial transactions → reporting of certain foreign bank and financial accounts → suspicious activity reports →
requiresActionFrom	financial institutions →
shortName	BSA →
supports	collection of financial intelligence data →
usedBy	intelligence agencies → law enforcement agencies → tax authorities →
violationCanResultIn	civil penalties → criminal penalties → regulatory enforcement actions →

Referenced by (18)

Subject (surface form when different)	Predicate
AMLA 2020 → Anti-Money Laundering Act of 2020 → Public Law 107-56 → Public Law 116-283, Division F → USA PATRIOT Act →	amends
BSA E-Filing System → Financial Crimes Enforcement Network → Foreign Bank and Financial Accounts Reports → Money Laundering and Asset Recovery Section → U.S. Department of the Treasury national AML and CFT priorities →	legalBasis
Bank Secrecy Act ("Currency and Foreign Transactions Reporting Act") → Bank Secrecy Act ("Currency and Foreign Transactions Reporting Act") →	alsoKnownAs
Title 31 of the United States Code ("Chapter 53 – Monetary Transactions and Anti–Money Laundering") →	contains
Public Law 107-56 ("Title III – International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001") →	containsTitle
IRS Criminal Investigation →	enforces
Bank Secrecy Act ("Bank Secrecy Act of 1970") →	officialName
91st United States Congress →	passed
Bank Secrecy Act ("Suspicious Activity Report") →	requiresReport