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US Bank Secrecy Act (BSA) 31 CFR Chapter X - Financial Institution AML Programme Requirements: Suspicious Activity Reports (SARs), Currency Transaction Reports (CTRs), Customer Identification Programme and FBAR

The Bank Secrecy Act (BSA), codified under 31 CFR Chapter X, mandates that U.S. financial institutions establish comprehensive anti-money laundering (AML)…

What US Bank Secrecy Act (BSA) 31 CFR Chapter X - Financial Institution AML Programme Requirements: Suspicious Activity Reports (SARs), Currency Transaction Reports (CTRs), Customer Identification Programme and FBAR requires

The Bank Secrecy Act (BSA), codified under 31 CFR Chapter X, mandates that U.S. financial institutions establish comprehensive anti-money laundering (AML) programs to prevent financial crimes. This includes implementing a Customer Identification Program (CIP) under § 1020.220, filing Currency Transaction Reports (CTRs) for cash transactions over $10,000 per § 1010.311, and filing Suspicious Activity Reports (SARs) for transactions over $5,000 that suggest illegal activity per § 1020.320.

Pillar: Financial Crime, AML & Sanctions · Authority: Financial Crimes Enforcement Network (FinCEN), U.S. Department of the Treasury · Version: 1.0.0 · Last updated:

Primary source: https://www.ecfr.gov/current/title-31/subtitle-B/chapter-X/part-1010

SHA-256 integrity: 939fca8b5999e24ab432eacaf7875e9e7e65589da97cea123ba1083318e7d0d3

Primary Citations — 7 traced to source

  • 31 CFR § 1010.210 - Anti-money laundering programs
  • 31 CFR § 1020.220 - Customer Identification Programs for banks, savings associations, credit unions, and certain non-federally regulated banks

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