BSA
The 1970 federal law (31 USC 5311 et seq.) that requires U.S. financial institutions to keep records and file reports useful in detecting financial crime.
The Bank Secrecy Act (BSA), formally the Currency and Foreign Transactions Reporting Act of 1970, is the foundational U.S. anti-money-laundering statute. It requires banks and many non-bank financial institutions to keep customer records, file Currency Transaction Reports (CTR) for cash transactions over $10,000, and file Suspicious Activity Reports (SAR) for suspect activity. The BSA is implemented by FinCEN and is the legal basis for KYC, KYB, and CDD requirements.
Also known asBank Secrecy Act, Currency and Foreign Transactions Reporting Act
Related terms
- FinCEN — The U.S. Treasury bureau that administers the Bank Secrecy Act and collects the Beneficial Ownership Informati…
- Patriot Act Section 326 — The 2001 USA PATRIOT Act provision requiring financial institutions to implement a Customer Identification Pro…
- CDD — The FinCEN rule requiring financial institutions to identify and verify the identity of beneficial owners of l…
- KYC — The legally required process of verifying the identity of an individual customer before opening an account.…