Specific details about the Bank Secrecy Act is available online at OCC.treas.gov and IRS.gov. The Office of the Comptroller of Currency has a website page covering all aspects of the law, including examinations, FinCEN advisories, counter-terrorism financing and enforcement. The Internal Revenue Service Bank Secrecy Act Page provides tax reporting information and forms related to BSA reporting requirements.Continue Reading
The Bank Secrecy Act contains regulations designed to combat money laundering and illicit financing of terrorist activities. The OCC overseas enforcement of BSA regulations, and OCC examiners follow rules set forth in the Bank Secrecy Act/Anti-Money Laundering Examination manual. Banks are regularly examined by the OCC to ensure they are in compliance with BSA regulations. The OCC is also responsible for issuing periodic BSA/AML and FinCEN advisories, which include important information about current issues related to BSA and alerts concerning fraud.
The OCC provides banks with guidelines on how to spot and report risky activity related to terrorist group financing efforts. The agency assists financial institutions with establishing BSA compliant monitoring and screening programs. The OCC has federal authority to enforce BSA regulations through formal and informal actions. Businesses also have a responsibility for reporting cash payments to the IRS under BSA regulations. In particular, any business that receives more than $10,000 in cash payments from one buyer must submit IRS Form 8300.Learn more about Banks