administer the bank secrecy act
In 2011 the Observer reported that Wachovia, at one time a major US bank, was implicated in laundering money for Mexican drug lords, through its lax laundering controls, a violation of the Bank Secrecy Act. It moved money in and out of casas de cambio without proper due diligence. Comments : The Federal Financial Institutions Examination Council ( FFIEC ) Bank Secrecy Act / Anti-Money Laundering ( BSA / AML ) working group meetings ( consisting of FinCEN , the Federal Reserve , FDIC , OCC , OTS , NCUA , and the Conference of State Bank Supervisors ) provides an opportunity to use The FFIEC extended invitations the IRS , the ... The legislative framework for combating money laundering began with the Bank Secrecy Act (BSA) in 1970 and most recently expanded in 2001with the USA PATRIOT Act. An Act to amend the Federal Deposit Insurance Act to require insured banks to maintain certain records, to require that certain transactions in U.S. currency be reported to the Department of the Treasury, and for other purposes. Acronyms (colloquial) The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering. Recommendations for Executive Action. Comments: In May 2011, IRS Small Business/Self Employed (SB/SE) had finalized a process and guidance for conducting joint Bank Secrecy Act (BSA) and state examinations of money services businesses MSBs. Patriot Act authorizes Treasury to find that a foreign jurisdiction, institution, class of transactions, or type of account is of primary money laundering concern and to require domestic financial institutions to take certain special measures against the primary money laundering concern. Department of the Treasury. Contents. TERRORIST FINANCING/MONEY LAUNDERING: Responsibility for Page i. Bank Secrecy Act Is Spread Across Many Organizations (OIG 08-030) Audit Report ................................................................................................. Font Size: AAA // Print // Bookmark. The Patriot Act, which amends the Bank Secrecy Act (BSA), was adopted in response to the September 11, 2001 terrorist attacks. The Patriot Act is intended to strengthen U.S. measures to prevent, detect, and prosecute international money laundering and the financing of terrorism. These efforts include anti-money laundering (AML) tools that impact the banking, financial, and investment communities. Comments : In response to GAO 's recommendation , the Federal Financial Institutions Examination Council ( FFIEC ) agencies ( Federal Reserve , FDIC , OCC , OTS , and NCUA ) used the existing Bank Secrecy Act / Anti-Money Laundering ( BSA / AML ) working group to invite the IRS , the SEC , and CFTC to attend regularly scheduled meetings once a ...
It requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering.