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Bank Secrecy Act

What is Bank Secrecy Act?

Definition
Bank Secrecy Act (BSA) refers to the laws that require financial institutions to assist the US government in preventing, detecting and reporting money laundering, terrorist financing, and financial crimes
What It Means
BSA regulations require financial institutions to monitor its transactions to detect and report suspicious activities, maintain a customer information program, perform due diligence on clients, report certain cash transactions, file certain reports, develop a BSA compliance program, and other requirements. Due to the strong focus on preventing money laundering BSA is also referred to as the Anti-Money Laundering (AML) law or as BSA/AML.

Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of Treasury, has the authority to promulgate and interpret the regulations implementing Bank Secrecy Act. Violations of BSA may attract enforcement actions from FinCEN.
Acronym
BSA
Other Names
Bank Secrecy Act / Anti-Money Laundering
Category
Law
Learn More

Related Terms

  • Financial Crimes Enforcement Network: Financial Crimes Enforcement Network (FinCEN) is a bureau within the U.S. Department of Treasury that is responsible for overseeing, implementing, and... Read More
  • Office of Foreign Assets Control: Office of Foreign Assets Control (OFAC) is an office within the U.S. Department of Treasury that is responsible for administering and enforcing the ec... Read More
  • Suspicious Activity Report: Suspicious Activity Report (SAR) is a report to the Financial Crimes Enforcement Network (FinCEN) to report any suspicious transaction that indicates ... Read More
  • Patriot Act Disclosure: Patriot Act Disclosure informs the borrower that the lender is requesting identifying information for each borrower to establish their identities.... Read More
  • Borrower Identification Form: Borrower Identification Form is used to record the identification information of the borrower to establish the true identity of the borrower.... Read More
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