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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).

Understanding the Law


Rules & Regulations

Agency Guidance



Fraud and ID Theft


Money Services Business (MSBs)


Exam Procedures

Tell the Senate: It's Time to Modernize Anti-Money Laundering Rules

The House has passed a bill that, among other things, would direct the Financial Crimes Enforcement Network to create a national database of businesses’ beneficial ownership information and enhance communications between banks and law enforcement. Now it's time for the Senate to pass similar, much needed, modernizing reforms. Urge the Senate to build on the momentum and move quickly to pass legislation to improve financial transparency and close a massive loophole in our country’s anti-money laundering network as well as enhance national efforts to combat money laundering and other forms of illicit finance.


Urge the Senate to Pass the SAFE Banking Act

Thirty-three states now permit some form of legal cannabis commerce, but cannabis is still a banned narcotic under federal law. Since banks potentially face criminal prosecution if they provide financial services to these businesses, their employees or service providers, few of these legal businesses have access to banking. Current federal laws are forcing this rapidly growing multibillion-dollar industry to operate on a cash only basis, which is creating a public safety issue. Contact your senators and let them know that it’s time to resolve the conflict between federal and state law and provide banks with the clarity needed to serve state-licensed cannabis and cannabis related businesses.


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