Reports of Exports and Imports of Monetary Instruments
Foreign Transactions
Long title
An 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
Nicknames
Federal Deposit Insurance Act Amendments
Enacted by
the 91st United States Congress
Effective
October 26, 1970
Citations
Public law
91-508
Statutes at Large
84 Stat. 1114-2 aka 84 Stat. 1118
Codification
Titles amended
12 U.S.C.: Banks and Banking
15 U.S.C.: Commerce and Trade
U.S.C. sections amended
12 U.S.C. ch. 13 § 1724
12 U.S.C. ch. 16 § 1813
15 U.S.C. ch. 2B § 78a
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
United States Supreme Court cases
California Bankers Assn. v. Shultz, 416 U.S. 21 (1974)
United States v. Miller, 425 U.S. 435 (1976)
United States v. $8,850, 461 U.S. 555 (1983)
Ratzlaf v. United States, 510 U.S. 135 (1994)
United States v. Bajakajian, 524 U.S. 321 (1998)
Bittner v. United States, No. 21-1195, 598 U.S. ___ (2023)
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]
^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.
^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.
^"FinCEN's Mandate From Congress". Financial Crimes Enforcement Network. Archived from the original on 2021-09-07. Retrieved August 30, 2021.
Banking secrecy, alternatively known as financial privacy, banking discretion, or bank safety, is a conditional agreement between a bank and its clients...
executive of BitMEX. In 2022, Delo pleaded guilty to a United States BankSecrecyAct violation and received a 30-month probation sentence. Delo was born...
the Currency assessed a $10 million fine on TCF for violating the BankSecrecyAct for failure to file suspicious activity reports in a timely fashion...
The Invention SecrecyAct of 1951 (Pub. L.Tooltip Public Law (United States) 82–256, 66 Stat. 3, enacted February 1, 1952, codified at 35 U.S.C. ch. 17)...
assessed a $10 million fine on TCF for violating the BankSecrecyAct. This was a result of the bank's failure to file suspicious activity reports in a timely...
institutions to file reports required by law, such as the United States' BankSecrecyAct (BSA) and Internal Revenue Code section 6050I (relating to the requirement...
and Gregory Dwyer were indicted on charges of violating the U.S. BankSecrecyAct and conspiracy to violate that law, arising from allegations that the...
tendency. The US BankSecrecyAct requires U.S. Taxpayers to file a Department of the Treasury Form 90–22.1 Report of Foreign Bank and Financial Accounts...
Examination Council, a congressionally-chartered forum called the "BankSecrecyAct (BSA) Advisory Group" and BSA Working Group to review and discuss new...
institutions subject to the regulations (for example, the United States BankSecrecyAct (BSA)). In many instances, SARs have been instrumental in enabling...
(including terrorist financing). Although Title 31, also known as the BankSecrecyAct, was originally focused on financial institutions, criminal use of...
interests, Swiss banking secrecy was codified in 1934 with the passage of a landmark federal law, the Federal Act on Banks and Savings Banks. These laws, which...
bank teller called law enforcement. This was primarily due to the financial industry's concern about the right to financial privacy. The BankSecrecy...
Financial Privacy Act (RFPA) of 1978, the BankSecrecyAct of 1970 (and other names of revisions), and the Gramm–Leach–Bliley Act of 1999 (GLBA). Some...
313 and 319(b) of the US Patriot Act became effective. The regulations implement provisions of the BSA (BankSecrecyAct) that relate to foreign corresponded...
Futures Commission Merchants and Introducing Brokers to comply with the BankSecrecyAct, which compels these entities to comply with a series of regulations...
U.S. Trust to strengthen money laundering policies relating to the BankSecrecyAct. The order also included a fine of ten million dollars. U.S. Trust...
against USAA Federal Savings Bank for violations of the BankSecrecyAct. Business portal Texas portal List of largest banks in the United States "2019...
and type of its business. The CIP must be incorporated into the bank'sBankSecrecyAct/Anti-money laundering compliance program, which is subject to approval...
reports on their customers. The BankSecrecyAct of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial...
primarily amend portions of the Money Laundering Control Act of 1986 and the BankSecrecyAct of 1970. The provisions of Title III are divided into three...
Crimes Enforcement Network (FinCEN) for “willful violation of the BankSecrecyAct by acting as a money services business without registering with FinCEN...
The Swiss Banking Act or Federal Act on Banks and Savings Banks (German: Bankengesetz, BankG, French: Loi sur les banques, LB, Italian: Legge sulle banche...
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