Bank Secrecy Act and Anti-Money Laundering
Agencies, Organizations, and Reference Sources
Financial Crimes Enforcement Network (FinCEN)
The US Department of the Treasury established FinCEN in 1990 to provide a government-wide multisource financial intelligence and analysis network. The organization's operation was broadened in 1994 to include regulatory responsibilities for administering the Bank Secrecy Act (BSA), one of the nation's most potent weapons for preventing corruption of the US financial system.
The BSA, enacted in 1970, authorizes the Secretary of the Treasury to require certain records or reports that have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings, or in the conduct of intelligence or counterintelligence activities, to protect against international terrorism. The authority of the Secretary to administer Title II of the Bank Secrecy Act (codified at 31 U.S.C. 5311-5332 with implementing regulations at 31 C.F.R. Part 103) has been delegated to the Director of FinCEN.
FinCEN’s website can be found at: http://www.fincen.gov/ and is designed for ease of access by topic of interest or specific industry. FinCEN periodically initiates and develops reports and publications covering anti-money laundering issues. These types of documents are available on the FinCEN website at:
- FinCEN Advisories/Guidance, SAR Bulletins, and Fact Sheets
- SAR Activity Reviews and other FinCEN Reports and Publications