Which agency is responsible for enforcing the Bank Secrecy Act?

The Financial Crimes Enforcement Network (FinCEN) is the agency responsible for enforcing the Bank Secrecy Act (BSA). The BSA is crucial for preventing money laundering and other financial crimes, and FinCEN plays a central role in implementing and overseeing its requirements. This includes managing reports that financial institutions are required to file, such as suspicious activity reports (SARs) and currency transaction reports (CTRs), which help identify and combat potential money laundering and terrorist financing activities.

FinCEN works in collaboration with other regulatory agencies and law enforcement to ensure compliance with the BSA, monitoring and analyzing financial transactions to detect illicit financial activities. By doing so, FinCEN aids in safeguarding the integrity of the financial system and contributes to national security efforts against financial crimes.

In contrast, other agencies listed have different roles. The IRS primarily focuses on tax enforcement and compliance, while the FBI investigates various criminal activities, including organized crime and terrorism. The SEC oversees securities markets and protects investors but does not enforce the BSA or directly manage anti-money laundering measures.