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Bank Secrecy Act

In 1970, Congress passed the Currency and Foreign Transactions Reporting Act commonly known as the “Bank Secrecy Act” (BSA), establishing recordkeeping and reporting requirements by private individuals, banks and other financial institutions. The BSA is intended to safeguard the U.S. financial system and the financial institutions that make up that system from the abuses of financial crime, including money laundering, terrorist financing and other illicit financial transactions.

All credit unions must comply with the BSA regulations.

To assist credit unions with their efforts in establishing and maintaining procedures designed to assure and monitor compliance with the BSA, additional information and details are provided in the links to the right. 

Joint Guidance: NCUA, FDIC, FRS, OCC, OTS and FinCEN

Please note the term “bank” is used interchangeably with “credit union” for ease in drafting joint statements from the FFIEC Agencies. Treasury and FinCEN regulations use the term “bank” to define a variety of financial institutions, including credit unions.