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.
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.
COVID-19 BSA Links
- The Financial Crimes Enforcement Network Provides Further Information to Financial Institutions in Response to the Coronavirus Disease 2019 (COVID-19) Pandemic (opens new window)
- The Office of Foreign Assets Control (OFAC) Encourages Persons to Communicate OFAC Compliance Concerns Related to the Coronavirus Disease 2019 (COVID-19) (opens new window)
- NCUA Coronavirus (COVID-19): Information for Federally Insured Credit Unions and Members
BSA Exam Resources
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.
- Federal Financial Institutions Examination Council (FFIEC) BSA/AML Examination Manual (opens new window)
- NCUA Examiner's Guide
- AIRES BSA Questionnaire
- Joint Statement to Encourage Innovative Approaches to BSA/AML Compliance
- Interagency Statement on Enforcement of BSA AML Requirements (opens new window)
- Joint Statement on Risk-Focused BSA/AML Supervision (opens new window)
- Sharing BSA Resources (opens new window)
- BSA Guidance for Customer Due Diligence and Beneficial Ownership Compliance (opens new window)
- Identifying and Mitigating Risks of Money Services Businesses (opens new window)
- FinCEN: Important Information for MSBs (opens new window)
- BSA Expectations Regarding Marijuana-Related Businesses (opens new window)
- Serving Hemp Businesses
- FinCEN Guidance on Human Trafficking (opens new window)
Order Granting an Exemption from Customer Identification Program (opens new window) requirements implementing section 326 of the USA PATRIOT Act, 31 U.S.C. § 5318(l), for loans extended by banks (and their subsidiaries) subject to the jurisdiction of the Federal Banking Agencies to commercial customers to facilitate purchases of property and casualty insurance policies.
Bank Secrecy Act - Increased Use of Exemption Provisions Could Reduce Currency Transaction Reporting (CTR) While Maintaining Usefulness to Law Enforcement Efforts (opens new window) - 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) (opens new window) - 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.
- 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 (opens new window): Provide additional guidance and information regarding the BSA.
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.
- Recent Final Rule Part 748 Filing Requirements for Suspicious Activity Reports 10/19/2006 (opens new window)
- National Credit Union Administration Regulations
- Bank Secrecy Act Statute (opens new window) ; 31 USC 5311- 5314 (opens new window); 31 USC 5316- 5332 (opens new window) ; 12 USC 1829b (opens new window); 12 USC 1951- 1959 (opens new window)
- Codified Bank Secrecy Act Regulations: 31 CFR 103 (opens new window)
The Financial Crimes Enforcement Network encourages the use of electronic filing of Bank Secrecy Act forms. Go to http://bsaefiling.fincen.treas.gov/main.html (opens new window).
Suspicious Activity Reports (SAR)
- FinCEN Suspicious Activity Reporting (FinCEN SAR) Electronic Filing Requirements (opens new window)
- Line Item Instructions for Depository Institutions SAR (opens new window)
- SAR Narrative Guidance Package (opens new window)
- FinCEN SAR Activity Review (opens new window)
Currency Transaction Reporting (CTR)
- FinCEN Currency Transaction Reporting (FinCEN CTR) Electronic Filing Requirements (opens new window)
- FinCEN: Guidance on Determining Eligibility for Exemption from Currency Transaction Reporting Requirements (opens new window)
- FinCEN Form 105 - Report of International Transportation of Currency or Monetary Instruments (CMIR) (opens new window)
- Treasury Department Form 90.22.1 - Report of Foreign Bank and Financial Accounts (FBAR) (opens new window)
- General Specifications for Electronic Filing of BSA Reports (opens new window)