Bank Secrecy Act compliance Definitions

  • A

    anti-money laundering software (AML)

    Anti-laundering software is a type of computer program used by financial institutions to analyze customer data and detect suspicious transactions... (Continued)

  • B

    Bank Secrecy Act (BSA)

    The Bank Secrecy Act (BSA), also known as the Currency and Foreign Transactions Reporting Act, is legislation passed by the United States Congress in 1970 that requires U.S. financial institutions to collaborate with the U.S. government in cases of suspected money laundering and fraud.

  • F

    Financial Crimes Enforcement Network (FinCEN)

    Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury. FinCEN was established in 1990 to safeguard financial systems from abuse by promoting transparency in the U.S. and international financial systems.

  • S

    Suspicious Activity Report (SAR)

    A Suspicious Activity Report (SAR) is a document that financial institutions must file with the Financial Crimes Enforcement Network (FinCEN) following a suspected incident of money laundering or fraud.

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