In 1970, Congress passed the Currency and Foreign Transactions Reporting Act commonly known as the “Bank Secrecy Act” (BSA), establishing recordkeeping and reporting requirements by private individuals, banks and other financial institutions. The BSA is intended to safeguard the U.S. financial system and the financial institutions that make up that system from the abuses of financial crime, including money laundering, terrorist financing and other illicit financial transactions.
All credit unions must comply with the BSA regulations.
12 USC 1786(q)(2) requires that the National Credit Union Administration (NCUA) include a review of the BSA compliance program at each examination of a federally insured credit union. NCUA plays a critical role in implementing BSA regulations by developing examination guidance, ensuring compliance with the BSA and enforcing the BSA in federally insured credit unions.
Please note the term “bank” is used interchangeably with “credit union” for ease in drafting joint statements from the FFIEC Agencies. Treasury and FinCEN regulations use the term “bank” to define a variety of financial institutions, including credit unions.
BSA News
COVID-19 BSA Links
- NCUA Coronavirus (COVID-19): Information for Federally Insured Credit Unions and Members
- This is an external link to a website belonging to another federal agency, private organization, or commercial entity. FinCEN Coronavirus Updates (Opens new window)
- This is an external link to a website belonging to another federal agency, private organization, or commercial entity. The Financial Crimes Enforcement Network Provides Further Information to Financial Institutions in Response to the Coronavirus Disease 2019 (COVID-19) Pandemic (Opens new window)
- This is an external link to a website belonging to another federal agency, private organization, or commercial entity. The Office of Foreign Assets Control (OFAC) Encourages Persons to Communicate OFAC Compliance Concerns Related to the Coronavirus Disease 2019 (COVID-19) (Opens new window)
BSA Regulations
For federally insured credit unions, the BSA is addressed in Part 748 of the NCUA Rules and Regulations and Title 31 of the Code of Federal Regulations. The links to these regulations are provided below.
- Recent Final Rule Part 748 Filing Requirements for Suspicious Activity Reports 10/19/2006 (Opens new window)
- National Credit Union Administration Regulations
- This is an external link to a website belonging to another federal agency, private organization, or commercial entity. Bank Secrecy Act Statute (Opens new window) ; This is an external link to a website belonging to another federal agency, private organization, or commercial entity. 31 USC 5311- 5314 (Opens new window) ; This is an external link to a website belonging to another federal agency, private organization, or commercial entity. 31 USC 5316- 5332 (Opens new window) ; This is an external link to a website belonging to another federal agency, private organization, or commercial entity. 12 USC 1829b (Opens new window) ; This is an external link to a website belonging to another federal agency, private organization, or commercial entity. 12 USC 1951- 1959 (Opens new window)
- This is an external link to a website belonging to another federal agency, private organization, or commercial entity. Codified Bank Secrecy Act Regulations: 31 CFR 103 (Opens new window)
BSA Resources
- This is an external link to a website belonging to another federal agency, private organization, or commercial entity. Federal Financial Institutions Examination Council (FFIEC) BSA/AML Examination Manual (Opens new window)
- 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 (Opens new window)
- Sharing BSA Resources (Opens new window)
- BSA Guidance for Customer Due Diligence and Beneficial Ownership Compliance
- This is an external link to a website belonging to another federal agency, private organization, or commercial entity. Identifying and Mitigating Risks of Money Services Businesses (Opens new window)
- This is an external link to a website belonging to another federal agency, private organization, or commercial entity. FinCEN: Important Information for MSBs (Opens new window)
- This is an external link to a website belonging to another federal agency, private organization, or commercial entity. BSA Expectations Regarding Marijuana-Related Businesses (Opens new window)
- Serving Hemp Businesses
- Additional Guidance on Serving Hemp-Related Businesses
- This is an external link to a website belonging to another federal agency, private organization, or commercial entity. FinCEN Guidance on Human Trafficking (Opens new window)
- 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
- This is an external link to a website belonging to another federal agency, private organization, or commercial entity. OFAC Frequently Asked Questions (Opens new window)
Financial Crimes Enforcement Network (FinCEN)
The This is an external link to a website belonging to another federal agency, private organization, or commercial entity. Financial Crimes Enforcement Network (FinCEN) (Opens new window) is a bureau within the U.S. Department of the Treasury, and is the delegated administrator of the BSA. In this capacity, FinCEN issues regulations and interpretive guidance, provides outreach to regulated industries, supports the examination functions performed by federal banking agencies and pursues civil enforcement actions when warranted.
- For the general public with questions about the Financial Crimes Enforcement Network (FinCEN), its policies and programs, call: 703.905.3591 (Monday thru Friday, 8:30 a.m. - 8:00 p.m. Eastern).
- For financial institutions with questions relating to Bank Secrecy Act and USA PATRIOT Act requirements and forms, call: 800.949.2732 (Monday thru Friday, 8:00 a.m. - 5:00 p.m., Eastern).
- For financial institutions wanting to report suspicious transactions that may relate to terrorist activity. The purpose of the hotline is to facilitate the immediate transmittal of this information to law enforcement, call: 866.556.3974 (7 days a week, 24 hours a day)
- FinCEN This is an external link to a website belonging to another federal agency, private organization, or commercial entity. Advisories, Rulings, Bulletins, Fact Sheets (Opens new window) : Provide additional guidance and information regarding the BSA.
- This is an external link to a website belonging to another federal agency, private organization, or commercial entity. FinCEN 314a Information (Opens new window)
- This is an external link to a website belonging to another federal agency, private organization, or commercial entity. FinCEN 314b Information (Opens new window)
BSA Reporting
As of April 1, 2013, financial institutions must use the new FinCEN reports, which are available only electronically through the This is an external link to a website belonging to another federal agency, private organization, or commercial entity. BSA E-Filing System (Opens new window) . FinCEN is no longer accepting legacy reports. For more information, click This is an external link to a website belonging to another federal agency, private organization, or commercial entity. here (Opens new window) .
Suspicious Activity Report (SAR)
The BSA E-Filing system supports electronic filing of Bank Secrecy Act (BSA) forms (either individually or in batches) by a filing organization to the BSA database through a FinCEN secure network. It also allows members of filing organizations to send and receive secure messages to and from FinCEN. Additionally, FinCEN uses the system to issue advisories and system updates to the user community.
To File a BSA report, visit This is an external link to a website belonging to another federal agency, private organization, or commercial entity. BSA E-Filing System (Opens new window) .
To view a BSA report or test your batch filing program, visit This is an external link to a website belonging to another federal agency, private organization, or commercial entity. BSA E-Filing Test System (Opens new window) . Do not mail or electronically attempt to file a test report.
Currency Transaction Reporting (CTR)
- This is an external link to a website belonging to another federal agency, private organization, or commercial entity. FinCEN Currency Transaction Reporting (FinCEN CTR) Electronic Filing Requirements (Opens new window)
- This is an external link to a website belonging to another federal agency, private organization, or commercial entity. FinCEN: Guidance on Determining Eligibility for Exemption from Currency Transaction Reporting Requirements (Opens new window)
Contact the NCUA
If you have a BSA related question for the NCUA, please send an email to the BSA Policy mailbox at BSAPolicy@NCUA.gov.