United States. Financial data. Act
Bank Secrecy ActBank Secrecy Act of 1970 (Currency and Foreign Transactions Reporting Act; 31 U.S.C. § 5311 et seq.)
Partly verified
Medium confidence.Source read: Wikipedia only. The text does not state in force explicitly but describes the Act as current. Penalty amounts not verified. Text link verified on LII (31 U.S.C. 5311).
§1Summary
- Synopsis
Requires US financial institutions and some businesses to keep records and file reports on cash transactions over $10,000, international transport of currency, foreign accounts and suspicious activity. It is an anti-money-laundering law that compels collection and reporting of customer financial data to the government.
- Key themes
- Unique features
Reports include account number, name, address and Social Security number; institutions may not tell a customer that a suspicious activity report has been filed; the reports are exempt from FOIA.
- SaaS relevance
Relevant to fintech and payment SaaS customers that are financial institutions or money services businesses and must retain and report customer data.
§2Obligations
- Breach notification
- None
- DPO
- No
- Cross-border transfers
- None
- Maximum penalty
- Fines and imprisonment for failing to file reports (amounts not verified)
§3Dates
- Key dates
- Adopted
- In force
- Pub. L. 91-508 signed 26 Oct 1970. Amended by the USA PATRIOT Act 2001 and the Anti-Money Laundering Act of 2020.
§4Text and authority
- Text
- Authoritative text law.cornell.edu
- Authority
- Financial Crimes Enforcement Network (FinCEN), US Treasury
§5Where it applies
- Domestic law of
- United States
- Also applies in
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Guam
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Puerto Rico
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- US Virgin Islands
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
§6Sources and verification
- Sources consulted
- Verification
Medium confidence.
Partly verified
Medium confidence.Source read: Wikipedia only. The text does not state in force explicitly but describes the Act as current. Penalty amounts not verified. Text link verified on LII (31 U.S.C. 5311).