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ABA: The American Bankers Association

Bank Secrecy Act

Also called The Currency and Foreign Transactions Reporting Act of 1970, the BSA was initially adopted in 1970. The law originally required banks to maintain certain records and to report large currency transactions. Over the years, the law has been amended a number of times, adding requirements to report suspicious activities and track possible terrorist activities. The goal is to detect and deter instances of possible illicit finance, to track criminal activity, and to secure the safety of the financial system.

This page contains a number of links that are critical to understanding all aspects of compliance with BSA-related mandates, such as anti-money laundering (AML), countering the financing of terrorism (CFT), customer due diligence, and economic sanctions imposed by the Office of Foreign Assets Control (OFAC).

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Heather Trew

Heather Trew

Senior Vice President & Counsel, Bank Secrecy Act/Anti-Money Laundering, Sanctions

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The ABA Compliance Network is a members only online forum facilitating discussion of compliance topics and providing opportunity for professional interaction.