Bank Secrecy Act Resources
The Bank Secrecy Act, enacted in 1970, requires credit unions to assist US government agencies in detecting and preventing money laundering, fraud, and terrorist financing. This law mandates the implementation of risk-based programs, suspicious activity reporting (SAR), currency transaction reporting (CTR), and enhanced member due diligence (MDD).
The Bank Secrecy Act has five required elements or pillars to ensure compliance:
- Designate a compliance officer.
- Develop internal controls.
- Establish an AML compliance training program.
- Have independent audits of the program done.
- Perform customer due diligence.
Training is essential for all credit union staff and board members. As a benefit of membership with the Tennessee League, we have provided access to our annual training video to help your credit union meet its training needs.
If your credit union has questions about the Bank Secrecy Act or any other compliance-related matter, please contact our Compliance Hotline at compliance@yourleague.org. This is an additional benefit of your Tennessee League membership.
- Federal Financial Institutions Examination Council (FFIEC) BSA/AML Examination Manual
- NCUA Examiner’s Guide
- Joint Statement to Encourage Innovative Approaches to BSA/AML Compliance
- BSA Enforcement Statement
- Joint Statement on Risk-Focused BSA/AML Supervision
- Sharing BSA Resources
- BSA Guidance for Customer Due Diligence and Beneficial Ownership Compliance
- Identifying and Mitigating Risks of Money Services Businesses
- FinCEN: Important Information for MSBs
- BSA Expectations Regarding Marijuana-Related Businesses
- Serving Hemp Businesses
- Additional Guidance on Serving Hemp-Related Businesses
- FinCEN Guidance on Human Trafficking
- Interagency Statement on Politically Exposed Persons (PEPs)
- Joint Fact Sheet on Bank Secrecy Act Due Diligence Requirements for Charities and Non-Profit Organizations
- Proposed Rule to Allow Exemptions from SAR Requirements
- FinCEN SAR FAQ
- OFAC Frequently Asked Questions