Congress passed the Bank Secrecy Act in 1970 as the first laws to fight money laundering in the United States. The BSA requires businesses to keep records and file reports that are determined to have a high degree of usefulness in criminal, tax, and regulatory matters. The documents filed by businesses under the BSA requirements are heavily used by law enforcement agencies, both domestic and international to identify, detect and deter money laundering whether it is in furtherance of a criminal enterprise, terrorism, tax evasion or other unlawful activity.
The Internal Revenue Service is a partner in the U.S. National Money Laundering Strategy. The IRS seeks to achieve a balance between enforcement of the money laundering laws and education. This page provides links to information about specific BSA requirements to assist with education and compliance with the law.
Report of Cash Payments Over $10,000 Received in a Trade or Business (Form 8300)
Reporting Cash Payments of Over $10,000
The general rule is that you must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, if your business receives more than $10,000 in cash from one buyer as a result of a single transaction or two or more related transactions.
FAQs Regarding Reporting Cash Payments of Over $10,000 (Form 8300)
Frequently asked questions and answers about reporting cash payments of over $10,000 received in a trade or business.
Workbook on Reporting Cash Payments of Over $10,000
Workbook content includes examples, exercises, and exhibits about the cash reporting requirement of trades and businesses.
Report of Foreign Bank and Financial Accounts (FBAR)
Report of Foreign Bank and Financial Accounts
If you own a foreign bank account, brokerage account, mutual fund, unit trust, or other financial account, then you may be required to report the account yearly to the Internal Revenue Service.
FAQs Regarding Report of Foreign Bank and Financial Accounts (FBAR)
Frequently asked questions and answers about reporting foreign bank and financial accounts.
Workbook on the Report of Foreign Bank and Financial Accounts (FBAR)
Workbook content includes examples, exercises, and exhibits about the requirement to report foreign bank and financial accounts.
Industry News
New Requirement for the Precious Metal, Precious Stone, and Jewel Industries
January 1, 2006, is an important date for the precious metals, precious stones, and jewels industry. It is the deadline for industry dealers in the United States to establish and implement anti-money laundering (AML) programs, as required by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) ruling that became effective in July of 2005.
Money Services Businesses
MSB Registration Requirements
According to the January 2006, U.S. Money Laundering Threat Assessment report, many money services businesses (MSBs) are not registering with the U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN) despite the fact that the law started requiring such registration in 2001. MSBs that fail to register, or to renew their registrations, may be subject to civil and criminal penalties under the Bank Secrecy Act.
Suspicious Activity Reports
Suspicious Activity Reports (SARs) are one of the government’s main weapons in the battle against money laundering and other financial crimes since these reports generate leads that law enforcement agencies use to initiate money laundering investigations.
FAQs Regarding Suspicious Activity Reports
Frequently asked questions and answers about filing suspicious activity reports.
Anti-Money Laundering Compliance Programs
The USA PATRIOT Act, passed In October 2001, amended the Bank Secrecy Act (BSA) to require all businesses defined in the BSA as financial institutions to implement an anti-money laundering (AML) program. Many of these businesses had not been subject previously to BSA regulation.
FAQs Regarding AML Compliance Programs
Frequently asked questions and answers about writing and implementing an anti-money laundering compliance program.
Additional Resources
Bank Secrecy Act Education and Outreach Team
The Small Business and Self-Employed Operating Division of the Internal Revenue Service has a team of Bank Secrecy Act (BSA) Specialists that provides education to money services businesses on the reporting and recordkeeping requirements of the BSA.
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