# BSA: Bank Secrecy Act

Source page: https://protegra.io/licensing/laws/us-bank-secrecy-act/

The Bank Secrecy Act (31 U.S.C. 5311 et seq., from Pub. L. 91-508 of 1970) is the core US AML statute, requiring currency transaction reports, foreign account reports, AML compliance programs, and FinCEN registration of money services businesses; FinCEN administers it under 31 CFR Chapter X.

## At a glance

| Official title | Currency and Foreign Transactions Reporting Act of 1970 (codified as the Bank Secrecy Act, 31 U.S.C. 5311 et seq., with related provisions at 12 U.S.C. 1829b and 1951-1960) [1] |
| --- | --- |
| English title | Bank Secrecy Act |
| Citation | 31 U.S.C. 5311-5314, 5316-5336 (Pub. L. 91-508, as amended); implementing rules at 31 CFR Chapter X |
| Jurisdiction | [United States](https://protegra.io/licensing/jurisdictions/united-states/) |
| Type | act |
| Adopted | 1970-10-26 |
| In force from | 1970-10-26 |
| Status | in force |

## Full text

**Official full text:** [Bank Secrecy Act (HTML, en)](https://www.govinfo.gov/content/pkg/USCODE-2023-title31/html/USCODE-2023-title31-subtitleIV-chap53.htm) [1] · 659 KB · file checked 2026-09-24 · consolidated version of 2023-12-31

Official page: [fincen.gov](https://www.fincen.gov/resources/statutes-and-regulations/bank-secrecy-act) [1]

## Summary

The Bank Secrecy Act (formally the Currency and Foreign Transactions Reporting Act of 1970), codified mainly at 31 U.S.C. 5311-5336, is the foundational US anti-money-laundering statute. It requires domestic financial institutions to keep records and file reports (currency transaction reports over $10,000 under Sec. 5313, foreign bank account reports under Sec. 5314, reports on exporting/importing monetary instruments under Sec. 5316) useful in criminal, tax and regulatory investigations. Sec. 5318 authorizes AML compliance-program and customer-identification rules; Sec. 5324 bans structuring transactions to evade reporting; Sec. 5330 requires money transmitting businesses to register with the Secretary of the Treasury. FinCEN administers the Act; implementing regulations sit in 31 CFR Chapter X, including 31 CFR 1022.380 (MSB registration). Sec. 5321-5322 set civil and criminal penalties. It applies to banks, money services businesses, casinos, broker-dealers and other financial institutions operating in or with the United States.

Summary written by the Atlas from the official text; the law itself prevails.

## Main articles

- **31 U.S.C. 5312**: Defines 'financial institution', 'money services business' and other terms used throughout the chapter.
- **31 U.S.C. 5313**: Requires domestic financial institutions to report currency transactions as the Secretary prescribes (CTRs).
- **31 U.S.C. 5314**: Requires records and reports on transactions with foreign financial agencies (FBAR).
- **31 U.S.C. 5318**: Authorizes Treasury to require AML compliance programs, customer identification and other compliance measures.
- **31 U.S.C. 5324**: Prohibits structuring cash transactions to evade the reporting requirements.
- **31 U.S.C. 5330**: Requires money transmitting businesses to register with the Secretary of the Treasury within 180 days of establishment.
- **31 U.S.C. 5321-5322**: Set civil monetary penalties and criminal penalties (fines, imprisonment) for violations.

## Licences it governs

- [MSB · United StatesRegistration of Money Services Business (Form 107 / RMSB)FinCEN](https://protegra.io/licensing/licences/money-transmitter/united-states/)

## Regulators that apply it

- [United StatesFinancial Crimes Enforcement Network (FinCEN)FinCEN is a bureau of the U.S. Department of the Treasury and the U.S. Financial Intelligence Unit. It administers the Bank Secrecy Act, col](https://protegra.io/licensing/regulators/fincen-usa/)

## Sources

1. [fincen.gov: bank secrecy act](https://www.fincen.gov/resources/statutes-and-regulations/bank-secrecy-act): retrieved 2026-09-24

Last verified 2026-09-24 · Author: Danil Marmysh · Reviewed by Anastasia Sidorenkova · © Protegra. Data: CC BY 4.0, cite "Protegra Licensing Atlas". Not legal advice.