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ITG FAQ #1 Answer-What is the intent of Title 31?

Since the enactment of the Bank Secrecy Act (BSA) in 1970, codified in part in Title 31 of the United States Code, certain financial institutions and individuals have been required to keep records and file reports on certain types of financial transactions.

Congressional intent was to create a system that would provide information that has a high degree of usefulness in criminal, tax, or regulatory investigations or procedures.

Congress gave the Secretary of the Treasury (sometimes jointly with the Federal Reserve Board) broad discretion to define the entities subject to the law and detail the reports and records to be made and retained.

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Page Last Reviewed or Updated: 11-Oct-2016