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Bank Secrecy Act

Congress passed the Bank Secrecy Act in 1970 as the first laws to fight money laundering in the United States. The BSA requires businesses to keep records and file reports that are determined to have a high degree of usefulness in criminal, tax, and regulatory matters. The documents filed by businesses under the BSA requirements are heavily used by law enforcement agencies, both domestic and international to identify, detect and deter money laundering whether it is in furtherance of a criminal enterprise, terrorism, tax evasion or other unlawful activity.

The Internal Revenue Service is a partner in the U.S. National Money Laundering Strategy. The IRS seeks to achieve a balance between enforcement of the money laundering laws and education. This page provides links to information about specific BSA requirements to assist with education and compliance with the law.

Report of Cash Payments Over $10,000 Received in a Trade or Business (Form 8300)

Reporting Cash Payments of Over $10,000
The general rule is that you must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, if your business receives more than $10,000 in cash from one buyer as a result of a single transaction or two or more related transactions.

Report of Foreign Bank and Financial Accounts (FBAR)

Report of Foreign Bank and Financial Accounts
If you own a foreign bank account, brokerage account, mutual fund, unit trust, or other financial account, then you may be required to report the account yearly to the Internal Revenue Service.

FBAR Reference Guide
This Guide is provided to educate and assist U.S. persons who have the obligation to file the FBAR; and for the tax professionals who prepare and electronically file FBAR reports on behalf of their clients.

Money Services Businesses

Money Services Business (MSB) Information Center
Information for money services businesses, including Bank Secrecy Act (BSA) requirements, forms and publications, and resources.   

Additional Resources

Telephone Numbers for FBAR and Title 31 Help
The Helpline provides access to information and answers to questions about how to comply with the Bank Secrecy Act, and other technical Title 31 issues. The number is toll-free inside the U.S., and a separate non-toll free number is available for filers outside the U.S.

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Page Last Reviewed or Updated: 06-Apr-2015