Bank Secrecy Act (BSA)
The US Bank Secrecy Act of 1970, the core US anti-money-laundering statute, administered by FinCEN.
Overview
The BSA requires financial institutions to keep records, file currency transaction reports and suspicious activity reports, and maintain an AML programme. It has been extended by later laws including the USA PATRIOT Act and the Anti-Money Laundering Act of 2020.
As primary legislation it is binding law; regulators fill in and interpret its detail through rules, guidance and supervisory practice. The authorities most closely connected to it are FinCEN.
Check the official sources below for legal scope, applicable dates and exceptions. This entry is an explanatory reference, not legal advice.
Why it matters
BSA failures drive some of the largest US financial enforcement actions.
Who it affects
Banks, money services businesses, broker-dealers, casinos and other financial institutions.
Where it sits
Ten linked steps connect where you operate to the proof that you complied.
- 01Jurisdiction
- 02Industry
- 03Activity
- 04Authority
- 05Regulation
- 06Requirement
- 07Guidance
- 08Control
- 09Evidence
- 10Enforcement
Connections
The terms most closely tied to BSA. Select one to open it.
What to do about it
- 1Confirm whether you are in scope: who it covers, which activities and where.
- 2Break it into testable requirements.
- 3Map each requirement to a control and an owner.
- 4Track amendments, implementing rules and guidance.
- 5Keep sealed evidence for every control run.
From requirement to evidence.
BSA obligations are mapped to CDD, monitoring and reporting controls, with evidence on every alert decision.
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