Bank Secrecy Act - Increased Use of Exemption Provisions Could Reduce Currency Transaction Reporting (CTR) While Maintaining Usefulness to Law Enforcement Efforts - The Government Accountability Office (GAO) report to congressional committees on the usefulness of CTRs to law enforcement, the costs of meeting CTR requirements to depository institutions, and ways to encourage use of exemptions to avoid unnecessary CTRs.
The Financial Crimes Enforcement Network (FinCEN)
- FinCEN, a bureau of the U.S. Treasury, is the delegated administrator of the BSA. In this capacity, FinCEN issues regulations and interpretive guidance, provides outreach to regulated industries, supports the examination functions performed by federal banking agencies and pursues civil enforcement actions when warranted.
There are several ways to contact the Financial Crimes Enforcement Network. The following contact information is provided to help direct your inquiries to the appropriate offices and/or personnel.
(703) 905-3591 (Monday thru Friday, 8:30 a.m. - 8:00 p.m., E.S.T.)
- For the general public with questions about the Financial Crimes Enforcement Network, its policies and programs.
Regulatory Toll-Free Helpline
1-800-949-2732 (Monday thru Friday, 8:00 a.m. - 5:00 p.m., E.S.T.)
- For financial institutions with questions relating to Bank Secrecy Act and USA PATRIOT Act requirements and forms.
Financial Institutions Toll-Free Hotline
1-866-556-3974 (7 days a week, 24 hours a day)
- For financial institutions wanting to report suspicious transactions that may relate to terrorist activity. The purpose of the hotline is to facilitate the immediate transmittal of this information to law enforcement.
While not an inclusive list, links to several reports on FinCEN’s website are provided below. You are encouraged to visit FinCEN’s home page for an inclusive list of all BSA related resources.
- SAR Activity Review Trends, Tips and Issues: These reports are issued twice a year and provide analyses of trends, tips and issues about the preparation, use and utility of Suspicious Activity Reports.
- SAR Activity Review - By the Numbers: A compilation of numerical data gathered from Suspicious Activity Reports filed by depository institutions certain money services, casinos and card clubs, and certain segments of the securities and futures industries.
- Advisories, Rulings, Bulletins, Fact Sheets: Provide additional guidance and information regarding the BSA.
- 314(a) Information Requests: FinCEN regularly requests credit unions search records for persons that may be involved in terrorism or money laundering. Requests are sent to points of contact (POCs) at credit unions. If you need to change your POC, please file an amended Call Report with the updated information.
Money Services Business (MSB) Website:
U.S. Money Laundering Threat Assessment (MLTA) : The MLTA offers a detailed analysis of money laundering methods in the United States, ranging from well-established techniques for integrating dirty money into the financial system to modern innovations that exploit global payment networks as well as the Internet.
2007 National Money Laundering Strategy: The 2007 Strategy addresses the priority threats and vulnerabilities identified by the Money Laundering Threat Assessment released in 2006.
Financial Action Task Force (FATF) Reports: The Financial Action Task Force (FATF) is an inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing.
While not inclusive, the following links are provided to reports issued by FATF. It is recommended you visit the FATF website to review all information provided.
High Intensity Financial Crimes Areas (HIFCAS): This is a means of concentrating law enforcement efforts at the federal, state and local levels in high intensity money laundering zones.
High Intensity Drug Trafficking Areas (HIDTAs): HIDTAs are areas within the United States that exhibit serious drug trafficking problems and harmfully impact other areas of the country.
International Narcotics Control Strategy Report (INCSR), published annually by the U.S. State Department identifies major money laundering countries and jurisdictions.
Cornerstone: A U.S. Immigration and Customs Enforcement’s (ICE) comprehensive investigative initiative for fighting financial crime, trade fraud and intellectual property crime. The Cornerstone Report is a quarterly bulletin highlighting key issues related to ICE financial and trade investigations.