Federal statuteBSA

Currency and Foreign Transactions Reporting Act of 1970

In plain terms. The Currency and Foreign Transactions Reporting Act of 1970—the Bank Secrecy Act—requires financial institutions to keep records and file reports (such as Currency Transaction and Suspicious Activity Reports) to combat mo…

Last reviewedJune 7, 2026Version v1

In plain terms. The Currency and Foreign Transactions Reporting Act of 1970—the Bank Secrecy Act—requires financial institutions to keep records and file reports (such as Currency Transaction and Suspicious Activity Reports) to combat money laundering. Its recordkeeping and reporting duties carry significant data-handling and security obligations.

Citation. Pub. L. 91-508 (Oct. 26, 1970); 31 U.S.C. §§ 5311-5336.

31 C.F.R. Chapter X