Congress passed the Bank Secrecy Act (BSA) in 1970 as the first laws to fight money laundering in the United States. The BSA requires businesses to keep records and file reports that are determined to have a high degree of usefulness in criminal, tax, or regulatory investigations, risk assessments, or proceedings; or in intelligence or counterintelligence activities, including analysis, to protect against terrorism. The documents filed by businesses under the BSA requirements are heavily used by law enforcement agencies, both domestic and international to identify, detect and deter money laundering whether it is in furtherance of a criminal enterprise, terrorism, tax evasion or other unlawful activity.
The Secretary of the Treasury has delegated to the Director of the Financial Crimes Enforcement Network (FinCEN) the authority to implement, administer, and enforce compliance with the BSA and its related authorities. FinCEN serves as the Financial Intelligence Unit of the United States. FinCEN has delegated authority to the IRS to examine specific financial institutions to determine their compliance with the BSA; however, FinCEN coordinates and directs procedures and activities of all agencies with delegated exam authority.
This page provides links to information about specific BSA requirements to assist with education and compliance with the law.
Financial Institutions
The regulations (31 CFR 1010.100(t)) define a financial institution as each agent, agency, branch, or office within the United States of any person doing business, whether or not on a regular basis or as an organized business concern, in one or more of the following capacities (list is not all inclusive):
- A bank (Depository Institutions),
- A broker or dealer in securities (Securities / Futures),
- A money services business, Information for money services businesses, including Bank Secrecy Act (BSA) requirements, forms and publications, and resources can be found at Money Services Business (MSB) Information Center
- Casino, or card club (Casinos)
Financial institutions should contact FinCEN with BSA questions.
BSA Filers may contact FinCEN for filing support at Self Service Help Ticket.
Anti-Money Laundering Program (AML Program)
Financial institutions must establish and maintain procedures ‘‘reasonably designed’’ to assure and monitor compliance with the requirements of the BSA. The AML program must be designed to prevent the financial institution from being used to facilitate money laundering and the financing of terrorist activities. Key requirements of an AML program include:
- Policies, procedures and internal controls to ensure compliance with BSA requirements.
- Designation of a person to assure da y to day compliance with the program and the BSA.
- Education and training of appropriate personnel concerning their responsibilities under their program, including training in the detection of suspicious activity to the extent required to report.
- Independent review to monitor and maintain an adequate program commensurate with their risk.
- Procedures to integrate their automated data processing systems for BSA compliance.
Currency Transaction Report (CTR)
A financial institution must file FinCEN Form 112, Currency Transaction Report, for each deposit, withdrawal, exchange of currency, or other payment or transfer, by, through, or to the financial institution which involves a transaction in currency of more than $10,000.
Multiple transactions must be treated as a single transaction if the financial institution has knowledge that they are by or on behalf of the same person and they result in either currency received (cash in) or currency disbursed (cash out) by the financial institution totaling more than $10,000 during any one business day.
A financial institution must verify and record the name and address of the individual conducting the transaction, as well as record the identity, account number, and the social security or taxpayer identification number of any person on whose behalf such transaction is to be effected prior to concluding the transaction.
Suspicious Activity Report (SAR)
A financial institution must file FinCEN Form 111, Suspicious Activity Report on any transaction if the transaction is conducted or attempted by, at, or through the financial institution and involves or aggregates at least $2,000 for a money services business and $5,000 for a bank, credit union, or casino, and the financial institution knows, suspects, or has reason to suspect that the transaction or pattern of transactions:
- Involves funds derived from illegal activity or is intended or conducted in order to hide or disguise funds or assets derived from illegal activity (including, without limitation, the ownership, nature, source, location, or control of such funds or assets) as part of a plan to violate or evade any Federal law or regulation or to avoid any transaction reporting requirement under Federal law or regulation;
- Is designed, whether through structuring or other means, to evade any requirement of the BSA;
- Has no business or apparent lawful purpose or is not the sort in which the particular customer would normally be expected to engage, and the financial institution knows of no reasonable explanation for the transaction after examining the available facts, including the background and possible purpose of the transaction, or
- Involves the use of the financial institution to facilitate criminal activity (casinos do not have this requirement).
Report of cash payments over $10,000 received in a trade or business (Form 8300)
Reporting cash payments of over $10,000
The general rule is that you must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, if your business receives more than $10,000 in cash from one buyer as a result of a single transaction or two or more related transactions.
Form 8300 Reference Guide
This guide is provided to educate and assist U.S. persons who have the obligation to file Form 8300; and for the tax professionals who prepare and file Form 8300 on behalf of their clients.
Report of Foreign Bank and Financial Accounts (FBAR)
Report of Foreign Bank and Financial Accounts
If you have a financial interest in or signature or other authority over a bank account, brokerage account, mutual fund, or other financial account located outside the United States, then you may be required to report the account yearly to the Treasury Department.
Publication 5569, Report of Foreign Bank & Financial Accounts (FBAR) Reference Guide PDF
This guide is provided to educate and assist U.S. persons who have the obligation to file the FBAR; and for the professionals who prepare and electronically file FBAR reports on behalf of their clients.
Currency and Monetary Instruments Report (CMIR)
Bank Secrecy Act Filing Information
A Currency and Monetary Instruments Report (CMIR) must be filed by each person who physically transports, mails, or ships, or causes to be physically transported, mailed, or shipped currency or other monetary instruments in an aggregate amount exceeding $10,000 at one time from the United States to any place outside the United States or into the United States from any place outside the United States, and each person who receives in the United States currency or other monetary instruments in an aggregate amount exceeding $10,000 at one time that has been transported, mailed, or shipped to the person from any place outside the United States.
Beneficial Ownership Information Report (BOIR)
Beneficial Ownership Information Reporting
The BSA requires entities that are formed under the law of a foreign country and that have registered to do business in any U.S. State or Tribal jurisdiction by the filing of a document with a secretary of state or similar office to file a Beneficial Ownership Information Report with FinCEN.
Residential Real Estate Report (RER)
Residential Real Estate Rule
Starting December 1, 2025, the BSA requires certain professionals involved in real estate closings and settlements to submit reports to FinCEN regarding certain non-financed transfers of residential real estate to legal entities or trusts.
FBAR and Form 8300 Contact
Telephone numbers for FBAR and Form 8300 help
This IRS helpline is available to answer general questions about FBAR and Form 8300 filing requirements and methods. The number is toll-free inside the U.S., and a separate non-toll-free number is available for filers outside the U.S.
Financial institutions and individuals should contact FinCEN with BSA questions. For filing support, submit a Self Service Help Ticket.