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Bank Secrecy Act
Printable Version
1970
Large currency
deposits of illicit profits
Bank Secrecy Act
(BSA) enacted
1974
Constitutionality of
Bank Secrecy Act
questioned
U.S. Supreme Court
holds BSA to be
constitutional
1986
Constitutionality of
Bank Secrecy Act
questioned
U.S. Supreme Court
holds BSA to be
constitutional
1990
Constitutionality of
Bank Secrecy Act
questioned
U.S. Supreme Court
holds BSA to be
constitutional
1992
Law enforcement needs
more information on
suspicious transactions
to support financial
investigations
Enact
Annunzio-Wylie
Money Laundering
Supperssion Act
-Suspicious activity reporting
required
1994
Law enforcement focuses
on criminal abuse of MSBs
CTR exemption process is a
burden for financial
community
Enact Money
Laundering
Suppression Act
- MSB registration CTR filing
required
1994
Improve cooperation and
coordination between
regulatory,financial and
law enforcement
communities
Merge Treasury's
Office of Financial
Enforcement with
FinCEN
- FinCEN's Mission expanded
to include regulatory
authority
1998
Improve coordination of
federal, state and local
efforts and resources to
combat financial crimes
Enact Money
Laundering &
Financial Crimes
Strategy Act
- National Money Laundering
strategy established
- HIFCA system created
2000
Law enforcement needs
more information on
money transmitters, and
issuers, sellers and
redeemers of money
MSBs required to file
suspicious Activity
Reports (SARs)
2001
Terrorists attack the
World Trade Center
& Pentagon
Enact PATRIOT Act
- Information Sharing
- Registration requirements for
underground money
transmitters
2002
Institutions are front line
against money
laundering and
terrorist financing
Most financial
institutions receive a
new or amended AML
Program requirement
2002
Law enforcement needs
more information on
casinos
Casinos required
to file SARs
2002
Importance of
information sharing
recognized
Sharing between
institutions is protected,
and between
institutions and
government is required
2002
Foreign shell banks
recognized as threat
Termination of
accounts for shell banks
and certification by
foreign correspondents
required
2002
Financial institutions seek
to expedite reporting
process, reduce costs in
complying with BSA
requirements
PATRIOT Act
Communications
System (PACS)
launched
- Financial institutions can file
BSA reports electronically
2002
PATRIOT Act expands
regulatory definition of
"financial institution"
Brokers and dealers in
securities must file SARs
2003
Need to protect more MSBs
from financial crimes
Currency Dealers and
Exchangers required to
file SARs
2003
Identification requirement
strengthened
Customer Identification
Programs required
for most financial
institutions
2003
Need to protect casinos
from money launderers
Casinos and card
clubs required to
file SARs
- includes those operated
on tribal lands
2003
FinCEN expands
regulatory definition of
"financial institution"
Futures commission
merchants, introducing
brokers in commodities
required to report
suspicious transactions
2004
U.S. financial system needs
additional protection from
risks of financial crime
posed by foreign agents
MSBs receive guidance
for dealing with foreign
agents and foreign
counterparts
2005
Certain account services
need greater scrutiny
Due diligence
requirements for private
banking and foreign
correspondent
2005
Improve management of
BSA data, from filing and
storage to retrieval
and analysis
PACS renamed as BSA
E-Filing
- 25% of BSA filings and 40%
of SARs are e-filed as of
March 2005
2005
Improve collaboration
and information sharing
between federal
and state agencies
FinCEN, 29 states
sign Memoranda of Under-
standing (MOU)
-established information
sharing agreements
2005
Jewelry industry needs
protection against
financial crime
Jewelers, dealers in precious
metals and stones required to
establish anti-money
laundering (AML) programs
2005
Increased international
effort to combat
money laundering,
terrorist financing
Egmont Group
of financial
intelligence units execeeds
100-member mark
2005
Need to ensure consistent
application of BSA to all
banking organizations
Federal banking agencies
release BSA/AML
Examination Manual
2005
Need to protect
insurance industry from
financial crimes
Certain insurance
companies required to
establish AML programs,
file SARs
2006
Need to protect mutual
funds from financial crimes
Mutual funds required
to file SARs
2007
Certain account services
need greater scrutiny
Enhanced due diligence is
required for certain foreign
correspondent banks