Bank Secrecy Act AML Law
United States
2024
Consumer Protection
Overview
The Bank Secrecy Act (BSA), adopted in 1970, is the foundation of the United States’ anti-money laundering (AML) and counter-terrorist financing (CTF) regime. It requires financial institutions to help detect and prevent money laundering, terrorism financing, and other illicit financial activities through record-keeping and mandatory reporting.The law applies to banks, credit unions, money services businesses (MSBs), casinos, securities and investment firms, insurance companies, fintechs, and other financial intermediaries operating in or serving the U.S. market.
Key Obligations
- Establish and maintain a risk-based AML compliance program
- Conduct Customer Identification Program (CIP) and Know Your Customer (KYC) checks
- File Currency Transaction Reports (CTRs) for transactions over USD 10,000
- File Suspicious Activity Reports (SARs) with FinCEN for unusual or illicit activity
- Maintain records of transactions and customer due diligence for at least 5 years
- Appoint a compliance officer and provide regular AML training
- Cooperate with regulators and law enforcement agencies
FAQ
Related Regulations
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