Talk:Bank Secrecy Act

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Untitled[edit]

can somebody please explain or link those acronyms in the second section. CTR? NIL? WTF?

These acronyms are explained in the link box at the top of the page but this article does need some simplfying as it is very jargon based PrincessBrat 22:19, 12 January 2007 (UTC)[reply]

"How it affects you" section[edit]

No offense, but it doesn't directly affect me, as I am not American. If I ever get the chance, I'll update this article. - Ta bu shi da yu 08:27, 27 May 2006 (UTC)[reply]


CTRs also contain ID info (drivers license, passport etc), date of birth, and a specific occupation. —Preceding unsigned comment added by 216.82.180.23 (talk) 19:04, 29 May 2008 (UTC)[reply]

BSA[edit]

As a bank employee, I've had yearly training in Bank Secrecy Act compliance, the most recent training was Feb 07. We were encouraged to never disclose the maximum amount of cash a transaction must be before reporting because by doing so, it would defeat the purpose of thwarting money laundering. I strongly suggest you remove that dollar amount.


Considering that the FDIC, OCC, FFIEC, and IRS (all government related), specify the amount and details of the Bank Secrecy Act on their websites, I don't see what harm is done here. It's public information and a public regulation. More important is that banks are complying to the regs and that controls are in place to monitor customers who continually fly just under that amount as well.

Currency Transaction Reporting has been in place for years, long before the events of September 11th. The purpose of filing the CTR report is to notify the government that a large summ of money has been withdrawn or deposited. Since we live in the world of credit cards, electronic transfers and checks, one can hardly justify walking into the bank and withdrawing for example $20,000 USD for "shopping". Since majority of illegal activities, such as drug dealing, weapons smuggling and illegal gambling are pretty much "cash-only" enterprises, it is easy to undersand why government wants to keep track of money leaving standard financial paths. To correct above post, and as a former Vice President Operations at one of the banks, no banks prohibits disclosing the information that currency report will be filed. Certain businesses, such as restaurants can be exempt, menaing that bank has enough informaiton to know that this is a cash business and that regular large cash deposits are normal. On the other hand, when Suspicious Activity Report is filed, it is considered a secret and it can't be disclosed to the customer. Rest assure, your neighbourhood bank teller is NOT the one who will file such a report. This is done on a much higher level at each bank, usually by the BSA or the Compliance Officer.

If I had $20,000 to spare, and I wanted to withdraw it, I don't see that I would be automatically committing a crime. And in fact, I wouldn't be - though the government might want to watch what I'm doing. So be it. If you aren't doing anything wrong, and you are foolish enough to need to withdraw sums that large, then they can't do anything to you. - Ta bu shi da yu 13:48, 5 August 2007 (UTC)[reply]

Spam?[edit]

The external links section had the following:

  • GlobalVision Systemes, Inc. - GlobalVision's PATRIOT OFFICER is the #1 BSA/AML/ATF solution endorsed by the largest bankers associations, incluing the American Bannkers Association, New York Bankers Association, California Bankers Association, et al. and has helped financial institutions pass the most stringent U.S. regulatory examinations thousands of times.
  • UCEN, Inc. - United Criems Elimination Network (UCEN)is the most powerful global network ever established to prevent financial crimes in complinace with privacy protection laws in most countries.

These seem like spam to me. I have removed them, unless someone can verify their notability. - Ta bu shi da yu 13:43, 5 August 2007 (UTC)[reply]

Origin of the Name[edit]

From where does the act get its name? It doesn't seem to be keeping information secret, save for the SARs? Is that what the Secrecy part refers to? Iain marcuson (talk) 04:43, 15 January 2008 (UTC)[reply]

Like a number of US laws, it is designed to do the opposite of what it is named, few people actually read the laws, but may hear of their titles in the news. The "Removal of Banking Secrecy Act" wouldn't have flown too well.97.118.5.97 (talk) 05:15, 22 November 2008 (UTC)[reply]

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