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US Bank Secrecy Act - 31 USC §§ 5311-5314 (Reports of Currency and Foreign Transactions)

The US Bank Secrecy Act at 31 USC 5311 to 5314 establishes the statutory framework for the federal anti-money laundering regime administered by FinCEN.…

What US Bank Secrecy Act - 31 USC §§ 5311-5314 (Reports of Currency and Foreign Transactions) requires

The US Bank Secrecy Act at 31 USC 5311 to 5314 establishes the statutory framework for the federal anti-money laundering regime administered by FinCEN. The provisions declare the policy of reporting currency transactions, foreign financial accounts, and suspicious activity to help detect and prevent money laundering and other financial crimes. Implementing regulations are at 31 CFR Chapter X. Financial institutions, defined broadly to include banks, broker-dealers, money services businesses, casinos, and certain virtual asset providers, must establish AML programmes, file Currency Transaction Reports for cash transactions over 10,000 USD, file Suspicious Activity Reports, and report foreign bank accounts (FBAR). Non-compliance triggers civil and criminal penalties.

Pillar: Financial Crime, AML & Sanctions · Authority: US Congress / Treasury (FinCEN) · Version: 1.0.0 · Last updated:

Primary source: https://uscode.house.gov/view.xhtml?path=/prelim@title31/subtitle4/chapter53/subchapter2&edition=prelim

SHA-256 integrity: f71a365a0df83d1e75a3dab19f1208384df1f64dee3c7d3ff25cdfc8dda414c1

Primary Citations — 5 traced to source

  • Title 31 United States Code Section 5311 declaration of purpose
  • Title 31 United States Code Section 5312 definitions including financial institution

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