Bank Secrecy Act. The annual program recognizes law enforcement agencies that used Bank Secrecy Act (BSA) reporting to successfully pursue and prosecute criminal investigations. Also called The Currency and Foreign Transactions Reporting Act of 1970, the BSA was initially adopted in 1970. View the FFIEC Bank Secrecy Act/Anti-Money Laundering InfoBase that was developed by the FFIEC’s Task Force on Examiner Education and the Task Force on Supervision to provide field examiners at the financial institution regulatory agencies with an electronic source for training and distributing needed examination information. The compliance program must be in writing, approved by the bank's board … "Bank Secrecy Act" The Currency and Foreign Transactions Reporting Act of 1970 (which legislative framework is commonly referred to as the "Bank Secrecy Act" or "BSA") requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering. WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) announced today the award recipients of the 2020 FinCEN Director’s Law Enforcement Awards Program. 103.

Register Now to Learn Best Practices for a Strong BSA Compliance Program. ALEXANDRIA, Va. (May 27, 2020) – Credit unions will receive valuable information on best practices in Bank Secrecy Act programs and avoiding pitfalls from non-compliance during a National Credit Union Administration webinar, “The Bank Secrecy Act: Review and Reminders,” scheduled for June 17. When the changes made by Dodd-Frank become effective early next year, some transactions--including international funds transfers sent by consumers through banks, and cash-based or account-based transmittals of funds sent by consumers through money transmitters--will fall outside the Bank Secrecy Act rules' definitions of "funds transfer" and "transmittal of funds." The law originally required banks to maintain certain records and to report large currency transactions. Richard Nixon, that requires banks and other financial entities in the United States to maintain records and file reports on currency transactions and suspicious activity with the government. Additional information about compliance with the Bank Secrecy Act can be found on the IRS website . The Bank Secrecy Act regulations also require that any business that receives cash payments totaling over $10,000 file what is called a Form 8300 with the IRS to account for that income. Bank Secrecy Act, also called Currency and Foreign Transactions Reporting Act, U.S. legislation, signed into law in 1970 by Pres. Section 326.8(b) of the FDIC's rules and regulations requires a bank to develop and administer a program to assure compliance with the Bank Secrecy Act (BSA) and 31 C.F.R.