Home > Statutes & Regulations > Bank Secrecy Act
FinCEN’s Mandate From Congress31 U.S.C. 310This statute establishes FinCEN as a bureau within the Treasury Department and describes FinCEN’s duties and powers to include:
Authorities Delegated to FinCEN pursuant to TREASURY ORDER 180-01 This Treasury Order describes FinCEN's responsibilities to implement, administer, and enforce compliance with the authorities contained in what is commonly known as the "Bank Secrecy Act." "Bank Secrecy Act" To view or print PDF content, download the free Adobe Acrobat Reader. To view or print Microsoft Office content, download free Microsoft Office Viewers. The Currency and Foreign Transactions Reporting Act of 1970 (which legislative framework is commonly referred to as the “Bank Secrecy Act” or “BSA”) requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities. It was passed by the Congress of the United States in 1970. The BSA is sometimes referred to as an “anti-money laundering” law (“AML”) or jointly as “BSA/AML.” Several AML acts, including provisions in Title III of the USA PATRIOT Act of 2001, have been enacted up to the present to amend the BSA. (See 31 USC 5311-5330 and 31 CFR Chapter X [formerly 31 CFR Part 103] ). Bank Secrecy Act (BSA) Statute
Codified Bank Secrecy Act (BSA) Regulations
The Federal Register contains final regulations issued after the date of codification, as well as the Notices of Proposed Rulemaking. |
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