Bank Secrecy Act Resources

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.

12 USC 1786(q)(2) requires that the National Credit Union Administration (NCUA) include a review of the BSA compliance program at each examination of a federally insured credit union. NCUA plays a critical role in implementing BSA regulations by developing examination guidance, ensuring compliance with the BSA and enforcing the BSA in federally insured credit unions.

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.

BSA News

COVID-19 BSA Links

BSA Regulations

For federally insured credit unions, the BSA is addressed in Part 748 of the NCUA Rules and Regulations and Title 31 of the Code of Federal Regulations. The links to these regulations are provided below.

BSA Resources

Financial Crimes Enforcement Network (FinCEN)

The Financial Crimes Enforcement Network (FinCEN) is a bureau within the U.S. Department of the Treasury, and 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.

  • For the general public with questions about the Financial Crimes Enforcement Network (FinCEN), its policies and programs, call:  703.905.3591 (Monday thru Friday, 8:30 a.m. - 8:00 p.m. Eastern).
  • For financial institutions with questions relating to Bank Secrecy Act and USA PATRIOT Act requirements and forms, call: 800.949.2732 (Monday thru Friday, 8:00 a.m. - 5:00 p.m., Eastern).
  • 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, call: 866.556.3974 (7 days a week, 24 hours a day)
  • FinCEN Advisories, Rulings, Bulletins, Fact Sheets: Provide additional guidance and information regarding the BSA.
  • FinCEN 314a Information
  • FinCEN 314b Information

BSA Reporting

As of April 1, 2013, financial institutions must use the new FinCEN reports, which are available only electronically through the BSA E-Filing System. FinCEN is no longer accepting legacy reports. For more information, click here.

Suspicious Activity Report (SAR)

The BSA E-Filing system supports electronic filing of Bank Secrecy Act (BSA) forms (either individually or in batches) by a filing organization to the BSA database through a FinCEN secure network. It also allows members of filing organizations to send and receive secure messages to and from FinCEN. Additionally, FinCEN uses the system to issue advisories and system updates to the user community.

To File a BSA report, visit BSA E-Filing System.

To view a BSA report or test your batch filing program, visit BSA E-Filing Test System. Do not mail or electronically attempt to file a test report.

Currency Transaction Reporting (CTR)

Contact the NCUA

If you have a BSA related question for the NCUA, please send an email to the BSA Policy mailbox at BSAPolicy@NCUA.gov.

Last modified on
05/11/21