BSA (Bank Secrecy Act)
Overview
The Bank Secrecy Act is the cornerstone United States law for anti money laundering and countering the financing of terrorism. It requires covered institutions to implement written AML programs, designate an officer, conduct training, perform independent testing, and maintain records. Obligations include Customer Identification Program, beneficial ownership collection for legal entities, and filing of Currency Transaction Reports and Suspicious Activity Reports through FinCEN.Programs must conduct risk assessments, screen customers against sanctions and watchlists, and monitor transactions for typologies. Governance covers model validation, data quality, and timely regulatory reporting. Examiners assess effectiveness, not just policy existence, so institutions need coherent narratives linking risk, controls, and outcomes. Strong BSA compliance protects institutions from penalties, maintains correspondent relationships, and supports broader financial system integrity.
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