What US Bank Secrecy Act (31 USC ch 53 subch II): Currency Transaction Reports, AML Programs and Anti-Structuring requires
The Bank Secrecy Act (31 U.S.C. ch. 53, subchapter II) is the foundational US anti-money-laundering statute, administered by the Financial Crimes Enforcement Network (FinCEN) within the Department of the Treasury. Section 5311 declares the purpose of requiring reports and records that are useful in criminal, tax, regulatory and counter-terrorism investigations and of preventing money laundering. Section 5312 supplies the definitions, including the broad definition of financial institution, which extends to banks, brokers, money transmitters, casinos and certain other businesses. Section 5313 requires domestic financial institutions to file currency transaction reports for transactions above the prescribed threshold. Section 5318 sets the compliance framework, including the duty to maintain an anti-money-laundering program, customer due diligence, and the Treasury summons authority, and section 5318A authorizes special measures against jurisdictions or institutions of primary money-laundering concern. Enforcement is direct: section 5321 provides civil penalties, section 5322 provides criminal penalties for willful violations, and section 5324 prohibits structuring transactions to evade the reporting requirements. The Act, together with the suspicious-activity-report regime, is the legal foundation of US financial-institution AML compliance.
Pillar: Financial Crime, AML & Sanctions · Authority: US Congress / Financial Crimes Enforcement Network (FinCEN), Department of the Treasury · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/content/pkg/USCODE-2022-title31/html/USCODE-2022-title31-subtitleIV-chap53-subchapII.htm
SHA-256 integrity: 9920c65666238da720148725c3137dd494febeb91b334cc39778b6dc2712f568
Primary Citations — 8 traced to source
- Bank Secrecy Act, 31 U.S.C. 5311 - declaration of purpose.
- Bank Secrecy Act, 31 U.S.C. 5312 - definitions (financial institution).
+ 6 more citations (full bibliography, deterministic workflow, actionable schema and crosswalks) included in the vault unlock — $0.01 via Skyfire / L402 / Direct Base USDC.
Access
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