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BSA and Related Regulations
The Bank Secrecy Act (BSA) is the primary U.S. anti-money laundering (AML) law and has been amended to include certain provisions of Title III of the USA PATRIOT Act to detect, deter and disrupt terrorist financing networks.
BSA and Related Statutes
Procedures for Monitoring BSA Compliance - 12 CFR 21.21
This regulation requires every national bank to have a written, board approved program that is reasonably designed to assure and monitor compliance with the BSA. The program must, at a minimum:
Reports of Suspicious Activities - 12 CFR 21.11
This regulation requires every national bank to file a Suspicious Activity Report (SAR) when they detect certain known or suspected violations of federal law or suspicious transactions related to a money laundering activity or a violation of the BSA. A SAR filing is required for any potential crimes:
Institutions of Primary Laundering Concerns
Section 5318A of the Bank Secrecy Act, as added by section 311 of the USA PATRIOT Act, authorizes the Secretary of the Treasury to designate a foreign jurisdiction, institution, class of transaction, or type of account as being of "primary money-laundering concern," and to impose one or more of five "special measures."
BSA Reporting Requirements
BSA-related reporting requirements for national banks are administered by the US Department of Treasury's Financial Crimes Enforcement Network (FinCEN).
The following FinCEN publications provide additional guidance and information to bankers: