Bank Secrecy Act

Bank Secrecy Act of 1970
Great Seal of the United States
Other short titles
  • Currency and Foreign Transactions Reporting Act
  • Reports of Currency and Foreign Transactions
  • Domestic Currency Transactions
  • Reports of Exports and Imports of Monetary Instruments
  • Foreign Transactions
Long titleAn Act to amend the Federal Deposit Insurance Act to require insured banks to maintain certain records, to require that certain transactions in U.S. currency be reported to the Department of the Treasury, and for other purposes.
Acronyms (colloquial)BSA
NicknamesFederal Deposit Insurance Act Amendments
Enacted bythe 91st United States Congress
EffectiveOctober 26, 1970
Citations
Public law91-508
Statutes at Large84 Stat. 1114-2 aka 84 Stat. 1118
Codification
Titles amended
U.S.C. sections amended
Legislative history
  • Introduced in the House as H.R. 15073
  • Passed the House on May 25, 1970 (302-0)
  • Signed into law by President Richard Nixon on October 26, 1970
Major amendments
USA PATRIOT Act
United States Supreme Court cases

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.[1] Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports if the daily aggregate exceeds $10,000, and report suspicious activity that may signify money laundering, tax evasion, or other criminal activities.[2]

The BSA is sometimes referred to as an anti-money laundering law (AML) or jointly as BSA/AML.[3]

  1. ^ Vértesy, László (2007). "The Place and Theory of Banking Law – Or Arising of a New Branch of Law: Law of Financial Industries". Collega. 2-3. XI. Rochester, New York. SSRN 3198092.
  2. ^ Meltzer, P. E. (1991). "Keeping Drug Money from Reaching the Wash Cycle: A Guide to the Bank Secrecy Act". Banking Law Journal. 108 (3): 230–255.
  3. ^ "FinCEN's Mandate From Congress". Financial Crimes Enforcement Network. Archived from the original on 2021-09-07. Retrieved August 30, 2021.