Bank Secrecy Act


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Bank Secrecy Act

United States legislation, enacted in 1970, that mandates greater disclosures by banks on transfers of money. Specifically, it requires banks to file reports on purchases of negotiable instruments (like commercial paper) for more than $10,000 if they are bought with cash. It also requires banks to inform the federal government of suspicious activities by account holders. The Bank Secrecy Act is intended to prevent money laundering. See also: Anti-Money Laundering Law.
References in periodicals archive ?
Prime Associates is a highly innovative organization with proven technology that offers a comprehensive suite of compliance solutions to include AML, OFAC reporting, identity verification and others to support compliance with the Bank Secrecy Act and other regulatory requirements," said Prime Associates President Salvatore Cangialosi.
Atchley System's five major software systems help organizations comply with the Bank Secrecy Act and USA PATRIOT Act requirements.
The Financial Crimes Enforcement Network (FinCEN) and the Board of Governors of the Federal Reserve System announced on October 12, 2004, that they have jointly assessed a $10 million civil money penalty against AmSouth Bank of Birmingham, Alabama, for its violations of the Bank Secrecy Act.
Testifying before the House Banking Committee, IBAA President-elect John Shivers said the cost of complying with the Bank Secrecy Act should be weighed against the benefits derived.
The order and penalty relate to violations of the Bank Secrecy Act.
branches, agencies, and other offices of foreign banks supervised by the Board to establish and maintain procedures reasonably designed to ensure and monitor compliance with the Bank Secrecy Act and related regulations.
As well, the 2007 Prepaid Card Expo will feature nine new pre-conference in-depth workshops, including: Prepaid Cards 101 eI Card Brand Perspectives; Processing Technology for Prepaid; Economics and Profitability of Prepaid & Stored Value Cards eI An Overview; Bank Secrecy Act and Anti-Money Laundering; Recruiting & Retaining in Competitive Markets; Retail Gift Cards and Loyalty; and Marketing to the Unbanked & Underserved.
The fines result from the bank's apparent engagement in unsafe and unsound practices related to its failure to establish and maintain procedures reasonably designed to ensure and monitor compliance with the Bank Secrecy Act, violations of the FDIC's regulations relating to Bank Secrecy Act compliance, failure to maintain correct and accurate books and records, and violations of New York State law relating to the bank's obligation to maintain accurate books and records and to make reports to the New York State Banking Department.
Department of Treasury, Financial Crimes Enforcement Network (FinCEN) levied fines against one company and individual for noncompliance with the Bank Secrecy Act - title 31, which amounted to $2.
Trust Corporation and the United States Trust Company of New York, without admitting to any allegations, consented to the issuance of the order in connection with alleged violations and deficiencies relating to the lack of internal controls and procedures and inadequate compliance with the Bank Secrecy Act and relating to the failure to maintain accurate and complete books and records in connection with the operations and activities of the Strategic Trading Group of the bank.
Regulatory requirements mandated by the Bank Secrecy Act (BSA), as amended by the USA Patriot Act in 2001, have created a burden for financial institutions.