BSA Reporting Requirements

BSA (Bank Secrecy Act) reporting requirements mandate that financial institutions in the U.S. maintain detailed records of certain transactions and report suspicious activities. Key reports include Currency Transaction Reports (CTRs) for transactions over $10,000 and Suspicious Activity Reports (SARs) for potentially illegal or unusual activity. These requirements help combat money laundering, terrorism financing, and other financial crimes by ensuring transparency and traceability in financial operations.

Financial institutions must have procedures in place to detect, document, and report relevant transactions accurately and in a timely manner. Compliance with BSA reporting requirements is crucial to avoid regulatory penalties and maintain credibility.