The Bank Secrecy Act is a United States federal law, also known as the Currency and Foreign Transactions Reporting Act, signed by President Richard Nixon on October 26, 1970. It requires financial institutions operating in the United States to keep records and file reports intended to detect and prevent money laundering, including reports of cash transactions exceeding 10,000 dollars in a single business day and suspicious activity reports when transactions suggest criminal conduct or tax evasion. It also requires travelers crossing United States borders with 10,000 dollars or more in currency to declare the amount to Customs and Border Protection, a threshold unchanged since 1970. The Financial Crimes Enforcement Network, a bureau of the United States Department of the Treasury, enforces the act, which has been amended several times, including by Title III of the USA PATRIOT Act, which expanded anti-money-laundering compliance requirements for financial institutions.
Facts
Promulgated ByUnited States Congress (91st Congress) 2 Jurisdiction ScopeUnited States federal law, applying to financial institutions and other businesses 3 Regulatory DomainAnti-money-laundering recordkeeping and reporting by financial institutions 3 Classification
Legal Status Jurisdiction Scope
Jurisdiction Scope (category) Era
Era (category)20th Century (1900-1999) 2 Connections
In Legal System
Source Bank Secrecy Act (Wikipedia)
Sources
1. Legal Information Institute, Cornell Law School: 31 U.S. Code Section 5311 - Declaration of purpose
Legal Information Institute, Cornell Law SchoolSource credit, status
Added Pub. L. 116-283, div. F, title LXI, § 6101(a), Jan. 1, 2021, 134 Stat. 4549.
In Group: United States Financial and Securities Statutes and Rules, Section 5311, paragraph (2), purpose of the subchapter
prevent the laundering of money and the financing of terrorism through the establishment by financial institutions of reasonably designed risk-based programs to combat money laundering and the financing of terrorism
View the Source 2. Bank Secrecy Act (Wikipedia)
Infobox, enacted date
Enacted by the 91st United States Congress; Effective October 26, 1970
Introduction
The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering.
Infobox, enacting body
Enacted by the 91st United States Congress
In Legal System: Law of the United States, History section
Congress in 1970 and signed by President Richard Nixon into law on October 26, 1970.
View the Source3. The Bank Secrecy Act (FinCEN)
Page heading and opening text, Act title
The Currency and Foreign Transactions Reporting Act of 1970
Page body, record keeping requirement
require financial institutions to, among other things, keep records of cash purchases of negotiable instruments.
Page body, reporting requirements
reporting and other requirements on financial institutions and other businesses
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