Client Log In News Room
Services
Downloadable Forms
Certifications
Frequently Asked Questions
Useful Links
Contact Us
Bank Secrecy Act Compliance
Anti Money Laundering
USA Patriot Act Compliance
Bank Secrecy Act Compliance
FinCen/OFAC Consultants
Anti Money Laudering Software
Foreign Banking Correspondents
Back to Home
 

Bank Secrecy Act

The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires U.S.A. 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 anti-money laundering acts, including provisions in title III of the USA PATRIOT Act, have been enacted up to the present to amend the BSA. (See 31 USC 5311-5330 and 31 CFR 103.)

More information? Visit our Frequently Asked Questions page.

Contact us to see how Compliance Associates can assist you with your compliance needs.

 



FAQs
Is a state-licensed check-cashing business exemptible under the BSA?

Is a depository institution required to file a Designation of Exempt Person form (TD F 90-22.53) in order to exempt transactions with a Federal Reserve Bank?

23123 State Road 7, Suite 236, Boca Raton, FL 33428 � 888.AML.3694 � 561.807.0282