The Bank Secrecy Act
The U.S. Congress passed the Back Secrecy Act (BSA) in 1970.
It is also referred to as the anti-money laundering law.
USA Patriot Act
President George W. Bush signed the U.S.A. Patriot Act into law
on October 26, 2001. It expanded the application of the BSA to MSB's
and their agents.
Developing an Anti-Money Laundering Program
Learn the requirements for your program. Carefully read the Agent's AML
Compliance Guide to learn what must be in your written AML Program.
To create an AML Program customized to your business, download the
AML Program Creation Guide.
Registration
Some money services business must register with the U.S. Department
of Treasury. Find out if your business must register.
Reports and Record Keeping
Agents are required to report suspicious activity.
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Registration
Each money services business must
register with the U.S. Department
of the Treasury, unless you are acting
as an agent of an MSB.
- The registration form must be
completed and signed by the
controlling person or owner
of the business.
- Registration must be renewed every
two (2) years.
- A copy of the registration and
supporting documents must be
kept for five (5) years at a
business location in the United
States.
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