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 ?
Three to four different reports are required after submission of the compliance report relating to Bank Secrecy Act, AML, Customer Due Diligence, and Suspicious Activity Monitoring and Reporting, he said.
District Court for the District of Minnesota upheld the government's right to impose personal liability on employees under the Bank Secrecy Act. Haider agreed to pay a $250,000 civil penalty and to accept a three-year bar on acting as a compliance employee at a money transmitter.
Separately, the Financial Crimes Enforcement Network bureau of the Treasury fined JPMorgan $461 million for violating the Bank Secrecy Act.
When the changes made by Dodd-Frank become effective early next year, some transactions--including international funds transfers sent by consumers through banks, and cash-based or account-based transmittals of funds sent by consumers through money transmitters--will fall outside the Bank Secrecy Act rules' definitions of "funds transfer" and "transmittal of funds." To avoid this result, the Board and FinCEN are proposing to amend the definitions of funds transfer and transmittal of funds to limit the exclusion of Electronic Funds Transfer Act--covered transactions from certain rules regarding record keeping.
7, mandates that mortgage lenders and mortgage brokers report suspicious activities under the Bank Secrecy Act (BSA).
It is up to the financial institution to assess and understand risks to stay in compliance with the Bank Secrecy Act, they said.
Since the enactment of the Bank Secrecy Act of 1970, banks have been required to develop sophisticated systems that allow them to quickly determine the identities of their clients and the sources of their funds.
Sarah has over 10 years of banking experience, and has held several positions including as vice president, compliance officer, Community Reinvestment Act officer, and Bank Secrecy Act officer.
Bank Secrecy Act has also been amended in a way that prevents banking secrecy from hindering efforts exerted for combating money laundering and financing terrorism.
FinCEN is responsible for administering the Bank Secrecy Act, which includes the requirement that cash transactions in excess of $10,000 be reported to the federal government.
"LEEF helps ensure that the students and educators in Laconia have access to creative, effective programs and resources," said Nancy Williams-Hunt, vice president and manager of the bank's Laconia office In other news, the bank has made several promotions: Melissa Strang, to assistant vice president of retail sales and branch services, Meredith; Michelle Driscoll, to Bank Secrecy Act and retail compliance officer, Wolfeboro; and John Maim, to vice president of relationship banking, Moultonborough.
Chapter topics include banking basics; deposit insurance and the regulatory environment; deposit accounts, interest rates, and limitations; regulatory compliance; the Bank Secrecy Act; the banker; banker ethics; the market; and customer service.