US · US FinCEN
Bank Secrecy Act (BSA) 31 U.S.C. § 5311 et seq.
Primary LegislationIn Force
- Issuing authority
- FinCEN
- Effective date
- 1970 — amended repeatedly, most recently by AMLA 2020
- Scope
- FinCEN
Key requirements
The foundation of US AML law. Tells financial institutions what they must do: file Currency Transaction Reports (CTRs) for cash transactions over $10,000; file Suspicious Activity Reports (SARs) when something looks wrong; keep records for at least 5 years; maintain an AML programme with the four pillars (now five): internal controls, designated compliance officer, training, independent testing, CDD.