BSA Reporting Requirements
BSA regulations require all financial institutions to submit five types of reports. Individuals or companies must file an individual filing requirement. We will go over more details later on in this presentation. They are: Currency transaction reports (CTR)Suspicious Activity Report (SAR) Foreign financial accounts (FBAR)Currency and Monetary Instrument Report (CMIR)Designation of Exempt PersonAreas Covered Overview and BackgroundReportingRegulatory implicationTakeawaysWho Should AttendCompliance RolesWhy Should You Attend The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering. The BSA is the nation's first and most comprehensive Federal anti-money laundering and counter-terrorism financing (AML/CFT) statute. BSA authorizes the Secretary of the Treasury to issue regulations requiring banks and other financial institutions to take a number of precautions against financial crime, including the establishment of AML programs and the filing of reports that have been determined to have a high degree of usefulness in criminal, tax, and regulatory investigations and proceedings, and certain intelligence and counter-terrorism matters.
Single
BSA regulations require all financial institutions to submit five types of reports. Individuals or companies must file an individual filing requirement. We will go over more details later on in this presentation. They are:
- Currency transaction reports (CTR)
- Suspicious Activity Report (SAR)
- Foreign financial accounts (FBAR)
- Currency and Monetary Instrument Report (CMIR)
- Designation of Exempt Person
Areas Covered
- Overview and Background
- Reporting
- Regulatory implication
- Takeaways
Who Should Attend
Compliance Roles
Why Should You Attend
The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering.
The BSA is the nation's first and most comprehensive Federal anti-money laundering and counter-terrorism financing (AML/CFT) statute. BSA authorizes the Secretary of the Treasury to issue regulations requiring banks and other financial institutions to take a number of precautions against financial crime, including the establishment of AML programs and the filing of reports that have been determined to have a high degree of usefulness in criminal, tax, and regulatory investigations and proceedings, and certain intelligence and counter-terrorism matters.
