reports that the Secretary determines ―have a high degree of usefulness in criminal, tax,
or regulatory investigations or proceedings, or in the conduct of intelligence orcounterintelligence activities, including analysis, to protect against international
In addition, the Secretary is authorized to impose anti-money laundering
program requirements on financial institutions.
The authority of the Secretaryto administer the BSA has been delegated to the Director of FinCEN.
The BSA defines the term ―financial institution
The term includes, in part,
any business or agency which engages in any activity which the Secretary of theTreasury determines, by regulation, to be an activity which is similar to, related to, or asubstitute for any activity in which any business described in [31 U.S.C. 5312(a)(2)(A)-(X)]
is authorized to engage.‖
With the enactment of 31 U.S.C. 5318(g) in 1992,
Congress authorized theSecretary to require financial institutions to report suspicious transactions. As amendedby the USA PATRIOT Act,
subsection (g)(1) states:The Secretary may require any financial institution, and any director,officer, employee, or agent of any financial institution, to report any
subject matter of that Act. These statutes are codified at 12 U.S.C. 1829b, 12 U.S.C. 1951-1959, and 31U.S.C. 5311-5314 and 5316-5332, and notes thereto.
31 U.S.C. 5311.
31 U.S.C. 5318(h).
See Treasury Order 180-01 (Sept. 26, 2002).
31 U.S.C. 5312 (a)(2).
31 U.S.C. 5312(a)(2)(Y).
31 U.S.C. 5318(g) was added to the BSA by section 1517 of the Annunzio-Wylie Anti-MoneyLaundering Act, Title XV of the Housing and Community Development Act of 1992, Pub. L. 102
550; itwas expanded by section 403 of the Money Laundering Suppression Act of 1994 (the Money LaunderingSuppression Act), Title IV of the Riegle Community Development and Regulatory Improvement Act of 1994, Pub. L. 103
325, to require designation of a single government recipient for reports of suspicioustransactions.
Pub. L. 107-56 sec. 352(c), 115 Stat. 322, codified at
31 U.S.C. 5318 note. Pub. L. 107-56 is the Unitingand Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct TerrorismAct of 2001
USA PATRIOT Act