source:
  type: regulation
  id: bsa-31usc-5318
  authority: 31 U.S.C. §5318 — Compliance, exemptions, and summons authority
  description: 'BSA core compliance section. §5318 imposes the foundational BSA

    duties on covered financial institutions (a definition that under

    §5312(a)(2) and FinCEN regulations at 31 CFR §1010.100(t) reaches

    "loan or finance companies" and other nonbank residential mortgage

    lenders/originators). The operative §5318 duties directly applicable

    to a [LENDER] subject to BSA include: (subsection (g)) reporting of

    suspicious transactions (SARs) and the SAR no-tipping-off rule;

    (subsection (h)) maintaining an anti-money-laundering and

    countering-the-financing-of-terrorism program with the four pillars

    — internal policies/procedures/controls, designated compliance

    officer, ongoing employee training, and independent audit function;

    (subsection (i)) due diligence (and where applicable enhanced due

    diligence) for U.S. private banking and correspondent accounts of

    non-U.S. persons; (subsection (j)) prohibition on U.S. correspondent

    accounts with foreign shell banks; (subsection (k)) records related

    to AML programs (including the 120-hour rule); (subsection (l))

    customer identification program (CIP) — verify identity, maintain

    records, consult terrorist watchlists; (subsection (h)(4))

    incorporation of Treasury''s published AML/CFT national priorities

    into the [LENDER]''s risk-based program. Specific operational

    mechanics live in FinCEN regulations at 31 CFR Part 1010 (general)

    and 31 CFR Part 1029 (loan or finance companies, including

    residential mortgage lenders and originators).

    '
obligations:
- id: bsa-31usc-5318-a
  canonical_id: bsa-31usc-5318-a
  section: 31 U.S.C. §5318(a)
  description: '(a): (a) General Powers of Secretary.— The Secretary of the Treasury may (except under
    section 5315 of this title and regulations prescribed under section 5315)— (1) except as provided
    in subsections (b)(2) and (h)(4), delegate duties and powers under this subchapter to an appropriate
    supervising agency …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (a) General Powers of Secretary.— The Secretary of the Treasury may (except under
      section 5315 of this title and regulations prescribed under section 5315)— (1) except as provided
      in subsections (b)(2) and (h)(4), delegate duties and powers under this subchapter to an appropriate
      supervising agency and the United States Postal Service ; (2) require a class of domestic financial
      institutions or nonfinancial trades or businesses to maintain appropriate procedures, including
      the collection and reporting of certain information as the Secretary of the Treasury may prescribe
      by regulation, to ensure compliance with this subchapter and regulations prescribed under this subchapter
      or to guard against money laundering, the financing of terrorism, or other forms of illicit finance;
      (3) examine any books, papers, records, or other data of domestic financial institutions or nonfinancial
      trades or businesses relevant to the recordkeeping or reporting requirements of this subchapter;
      (4) summon a financial institution or nonfinancial trade or business , an officer or employee of
      a financial institution or nonfinancial trade or business (including a former officer or employee),
      or any person having possession, custody, or care of the reports and records required under this
      subchapter, to appear before the Secretary of the Treasury or his delegate at a time and place named
      in the summons and to produce such books, papers, records, or other data, and to give testimony,
      under oath, as may be relevant or material to an investigation described in subsection (b); (5)
      exempt from the requirements of this subchapter any class of transactions within any State if the
      Secretary determines that— (A) under the laws of such State, that class of transactions is subject
      to requirements substantially similar to those imposed under this subchapter; and (B) there is adequate
      provision for the enforcement of such requirements; (6) rely on examinations conducted by a State
      supervisory agency of a category of financial institution , if the Secretary determines that— (A)
      the category of financial institution is required to comply with this subchapter and regulations
      prescribed under this subchapter; or (B) the State supervisory agency examines the category of financial
      institution for compliance with this subchapter and regulations prescribed under this subchapter;
      and (7) prescribe an appropriate exemption from a requirement under this subchapter and regulations
      prescribed under this subchapter. The Secretary may revoke an exemption under this paragraph or
      paragraph (5) by actually or constructively notifying the parties affected. A revocation is effective
      during judicial review.
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-b
  canonical_id: bsa-31usc-5318-b
  section: 31 U.S.C. §5318(b)
  description: '(b): (b) Limitations on Summons Power.— (1) Scope of power.— The Secretary of the Treasury
    may take any action described in paragraph (3) or (4) of subsection (a) only in connection with investigations
    for the purpose of civil enforcement of violations of this subchapter, section 21 of the Federal Deposi…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (b) Limitations on Summons Power.— (1) Scope of power.— The Secretary of the Treasury
      may take any action described in paragraph (3) or (4) of subsection (a) only in connection with
      investigations for the purpose of civil enforcement of violations of this subchapter, section 21
      of the Federal Deposit Insurance Act , section 411 [1] of the National Housing Act , or chapter
      2 of Public Law 91–508 ( 12 U.S.C. 1951 et seq.) or any regulation under any such provision. (2)
      Authority to issue.— A summons may be issued under subsection (a)(4) only by, or with the approval
      of, the Secretary of the Treasury or a supervisory level delegate of the Secretary of the Treasury.
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-c
  canonical_id: bsa-31usc-5318-c
  section: 31 U.S.C. §5318(c)
  description: '(c): (c) Administrative Aspects of Summons.— (1) Production at designated site.— A summons
    issued pursuant to this section may require that books, papers, records, or other data stored or maintained
    at any place be produced at any designated location in any State or in any territory or other place
    subjec…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (c) Administrative Aspects of Summons.— (1) Production at designated site.— A summons
      issued pursuant to this section may require that books, papers, records, or other data stored or
      maintained at any place be produced at any designated location in any State or in any territory
      or other place subject to the jurisdiction of the United States not more than 500 miles distant
      from any place where the financial institution or nonfinancial trade or business operates or conducts
      business in the United States. (2) Fees and travel expenses.— Persons summoned under this section
      shall be paid the same fees and mileage for travel in the United States that are paid witnesses
      in the courts of the United States . (3) No liability for expenses.— The United States shall not
      be liable for any expense, other than an expense described in paragraph (2), incurred in connection
      with the production of books, papers, records, or other data under this section.
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-d
  canonical_id: bsa-31usc-5318-d
  section: 31 U.S.C. §5318(d)
  description: '(d): (d) Service of Summons.— Service of a summons issued under this section may be by
    registered mail or in such other manner calculated to give actual notice as the Secretary may prescribe
    by regulation.'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (d) Service of Summons.— Service of a summons issued under this section may be by
      registered mail or in such other manner calculated to give actual notice as the Secretary may prescribe
      by regulation.
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-e
  canonical_id: bsa-31usc-5318-e
  section: 31 U.S.C. §5318(e)
  description: '(e): (e) Contumacy or Refusal.— (1) Referral to attorney general.— In case of contumacy
    by a person issued a summons under paragraph (3) or (4) of subsection (a) or a refusal by such person
    to obey such summons, the Secretary of the Treasury shall refer the matter to the Attorney General.
    (2) Jurisdictio…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (e) Contumacy or Refusal.— (1) Referral to attorney general.— In case of contumacy
      by a person issued a summons under paragraph (3) or (4) of subsection (a) or a refusal by such person
      to obey such summons, the Secretary of the Treasury shall refer the matter to the Attorney General.
      (2) Jurisdiction of court.— The Attorney General may invoke the aid of any court of the United States
      within the jurisdiction of which— (A) the investigation which gave rise to the summons is being
      or has been carried on; (B) the person summoned is an inhabitant; or (C) the person summoned carries
      on business or may be found, to compel compliance with the summons. (3) Court order.— The court
      may issue an order requiring the person summoned to appear before the Secretary or his delegate
      to produce books, papers, records, and other data, to give testimony as may be necessary to explain
      how such material was compiled and maintained, and to pay the costs of the proceeding. (4) Failure
      to comply with order.— Any failure to obey the order of the court may be punished by the court as
      a contempt thereof. (5) Service of process.— All process in any case under this subsection may be
      served in any judicial district in which such person may be found.
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-f
  canonical_id: bsa-31usc-5318-f
  section: 31 U.S.C. §5318(f)
  description: '(f): (f) Written and Signed Statement Required.— No person shall qualify for an exemption
    under subsection (a)(5) 1 unless the relevant financial institution or nonfinancial trade or business
    prepares and maintains a statement which— (1) describes in detail the reasons why such person is qualified
    for su…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (f) Written and Signed Statement Required.— No person shall qualify for an exemption
      under subsection (a)(5) 1 unless the relevant financial institution or nonfinancial trade or business
      prepares and maintains a statement which— (1) describes in detail the reasons why such person is
      qualified for such exemption; and (2) contains the signature of such person .
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-g
  canonical_id: bsa-31usc-5318-g
  section: 31 U.S.C. §5318(g)
  description: '(g): (g) Reporting of Suspicious Transactions.— (1) In general.— The Secretary may require
    any financial institution , and any director, officer, employee, or agent of any financial institution
    , to report any suspicious transaction relevant to a possible violation of law or regulation. (2)
    Notification …'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (g) Reporting of Suspicious Transactions.— (1) In general.— The Secretary may require
      any financial institution , and any director, officer, employee, or agent of any financial institution
      , to report any suspicious transaction relevant to a possible violation of law or regulation. (2)
      Notification prohibited.— (A) In general.— If a financial institution or any director, officer,
      employee, or agent of any financial institution , voluntarily or pursuant to this section or any
      other authority, reports a suspicious transaction to a government agency—
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-i
  canonical_id: bsa-31usc-5318-i
  section: 31 U.S.C. §5318(i)
  description: '(i): (i) neither the financial institution , director, officer, employee, or agent of
    such institution (whether or not any such person is still employed by the institution), nor any other
    current or former director, officer, or employee of, or contractor for, the financial institution
    or other reporting …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (i) neither the financial institution , director, officer, employee, or agent of
      such institution (whether or not any such person is still employed by the institution), nor any
      other current or former director, officer, or employee of, or contractor for, the financial institution
      or other reporting person, may notify any person involved in the transaction that the transaction
      has been reported or otherwise reveal any information that would reveal that the transaction has
      been reported,; [2] and (ii) no current or former officer or employee of or contractor for the Federal
      Government or of or for any State, local, tribal, or territorial government within the United States
      , who has any knowledge that such report was made may disclose to any person involved in the transaction
      that the transaction has been reported, or otherwise reveal any information that would reveal that
      the transaction has been reported, other than as necessary to fulfill the official duties of such
      officer or employee. (B) Disclosures in certain employment references.—
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-i
  canonical_id: bsa-31usc-5318-i
  section: 31 U.S.C. §5318(i)
  description: '(i): (i) Rule of construction.— Notwithstanding the application of subparagraph (A) in
    any other context, subparagraph (A) shall not be construed as prohibiting any financial institution
    , or any director, officer, employee, or agent of such institution, from including information that
    was included in a …'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (i) Rule of construction.— Notwithstanding the application of subparagraph (A) in
      any other context, subparagraph (A) shall not be construed as prohibiting any financial institution
      , or any director, officer, employee, or agent of such institution, from including information that
      was included in a report to which subparagraph (A) applies— (I) in a written employment reference
      that is provided in accordance with section 18(w) of the Federal Deposit Insurance Act in response
      to a request from another financial institution; or (II) in a written termination notice or employment
      reference that is provided in accordance with the rules of a self-regulatory organization registered
      with the Securities and Exchange Commission or the Commodity Futures Trading Commission , except
      that such written reference or notice may not disclose that such information was also included in
      any such report, or that such report was made. (ii) Information not required.— Clause (i) shall
      not be construed, by itself, to create any affirmative duty to include any information described
      in clause (i) in any employment reference or termination notice referred to in clause (i). (3) Liability
      for disclosures.— (A) In general.— Any financial institution that makes a voluntary disclosure of
      any possible violation of law or regulation to a government agency or makes a disclosure pursuant
      to this subsection or any other authority, and any director, officer, employee, or agent of such
      institution who makes, or requires another to make any such disclosure, shall not be liable to any
      person under any law or regulation of the United States, any constitution, law, or regulation of
      any State or political subdivision of any State, or under any contract or other legally enforceable
      agreement (including any arbitration agreement), for such disclosure or for any failure to provide
      notice of such disclosure to the person who is the subject of such disclosure or any other person
      identified in the disclosure. (B) Rule of construction.— Subparagraph (A) shall not be construed
      as creating—
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-i
  canonical_id: bsa-31usc-5318-i
  section: 31 U.S.C. §5318(i)
  description: '(i): (i) any inference that the term “ person ”, as used in such subparagraph, may be
    construed more broadly than its ordinary usage so as to include any government or agency of government;
    or (ii) any immunity against, or otherwise affecting, any civil or criminal action brought by any
    government or age…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (i) any inference that the term “ person ”, as used in such subparagraph, may be
      construed more broadly than its ordinary usage so as to include any government or agency of government;
      or (ii) any immunity against, or otherwise affecting, any civil or criminal action brought by any
      government or agency of government to enforce any constitution, law, or regulation of such government
      or agency. (4) Single designee for reporting suspicious transactions.— (A) In general.— In requiring
      reports under paragraph (1) of suspicious transactions, the Secretary of the Treasury shall designate,
      to the extent practicable and appropriate, a single officer or agency of the United States to whom
      such reports shall be made. (B) Duty of designee.— The officer or agency of the United States designated
      by the Secretary of the Treasury pursuant to subparagraph (A) shall refer any report of a suspicious
      transaction to any appropriate law enforcement, supervisory agency, or United States intelligence
      agency for use in the conduct of intelligence or counterintelligence activities, including analysis,
      to protect against international terrorism. (C) Coordination with other reporting requirements.—
      Subparagraph (A) shall not be construed as precluding any supervisory agency for any financial institution
      from requiring the financial institution to submit any information or report to the agency or another
      agency pursuant to any other applicable provision of law. (5) Considerations in imposing reporting
      requirements.— (A) Definitions.— In this paragraph, the terms “ Bank Secrecy Act ”, “Federal functional
      regulator” , “State bank supervisor” , and “State credit union supervisor” have the meanings given
      the terms in section 6003 of the Anti-Money Laundering Act of 2020. (B) Requirements.— In imposing
      any requirement to report any suspicious transaction under this subsection, the Secretary of the
      Treasury, in consultation with the Attorney General, appropriate representatives of State bank supervisors
      , State credit union supervisors , and the Federal functional regulators, shall consider items that
      include—
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-i
  canonical_id: bsa-31usc-5318-i
  section: 31 U.S.C. §5318(i)
  description: '(i): (i) the national priorities established by the Secretary; (ii) the purposes described
    in section 5311; and (iii) the means by or form in which the Secretary shall receive such reporting,
    including the burdens imposed by such means or form of reporting on persons required to provide such
    reporting, t…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (i) the national priorities established by the Secretary; (ii) the purposes described
      in section 5311; and (iii) the means by or form in which the Secretary shall receive such reporting,
      including the burdens imposed by such means or form of reporting on persons required to provide
      such reporting, the efficiency of the means or form, and the benefits derived by the means or form
      of reporting by Federal law enforcement agencies and the intelligence community in countering financial
      crime, including money laundering and the financing of terrorism. (C) Compliance program.— Reports
      filed under this subsection shall be guided by the compliance program of a covered financial institution
      with respect to the Bank Secrecy Act , including the risk assessment processes of the covered institution
      that should include a consideration of priorities established by the Secretary of the Treasury under
      section 5318. (D) Streamlined data and real-time reporting.—
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-i
  canonical_id: bsa-31usc-5318-i
  section: 31 U.S.C. §5318(i)
  description: '(i): (i) Requirement to establish system.— In considering the means by or form in which
    the Secretary of the Treasury shall receive reporting pursuant to subparagraph (B)(iii), the Secretary
    of the Treasury, acting through the Director of the Financial Crimes Enforcement Network, and in consultation
    with…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (i) Requirement to establish system.— In considering the means by or form in which
      the Secretary of the Treasury shall receive reporting pursuant to subparagraph (B)(iii), the Secretary
      of the Treasury, acting through the Director of the Financial Crimes Enforcement Network, and in
      consultation with appropriate representatives of the State bank supervisors , State credit union
      supervisors , and Federal functional regulators, shall— (I) establish streamlined, including automated,
      processes to, as appropriate, permit the filing of noncomplex categories of reports that— (aa) reduce
      burdens imposed on persons required to report; and (bb) do not diminish the usefulness of the reporting
      to Federal law enforcement agencies, national security officials, and the intelligence community
      in combating financial crime, including the financing of terrorism; (II) subject to clause (ii)—
      (aa) permit streamlined, including automated, reporting for the categories described in subclause
      (I); and (bb) establish the conditions under which the reporting described in item (aa) is permitted;
      and (III) establish additional systems and processes as necessary to allow for the reporting described
      in subclause (II)(aa). (ii) Standards.— The Secretary of the Treasury— (I) in carrying out clause
      (i), shall establish standards to ensure that streamlined reports relate to suspicious transactions
      relevant to potential violations of law (including regulations); and (II) in establishing the standards
      under subclause (I), shall consider transactions, including structured transactions, designed to
      evade any regulation promulgated under this subchapter, certain fund and asset transfers with little
      or no apparent economic or business purpose, transactions without lawful purposes, and any other
      transaction that the Secretary determines to be appropriate. (iii) Rule of construction.— Nothing
      in this subparagraph may be construed to preclude the Secretary of the Treasury from— (I) requiring
      reporting as provided for in subparagraphs (B) and (C); or (II) notifying Federal law enforcement
      with respect to any transaction that the Secretary has determined implicates a national priority
      established by the Secretary. (6) Sharing of threat pattern and trend information.— (A) Definitions.—
      In this paragraph—
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-i
  canonical_id: bsa-31usc-5318-i
  section: 31 U.S.C. §5318(i)
  description: '(i): (i) the terms “ Bank Secrecy Act ” and “Federal functional regulator” have the meanings
    given the terms in section 6003 of the Anti-Money Laundering Act of 2020; and (ii) the term “ typology
    ” means a technique to launder money or finance terrorism. (B) Suspicious activity report activity
    review.— N…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (i) the terms “ Bank Secrecy Act ” and “Federal functional regulator” have the meanings
      given the terms in section 6003 of the Anti-Money Laundering Act of 2020; and (ii) the term “ typology
      ” means a technique to launder money or finance terrorism. (B) Suspicious activity report activity
      review.— Not less frequently than semiannually, the Director of the Financial Crimes Enforcement
      Network shall publish threat pattern and trend information to provide meaningful information about
      the preparation, use, and value of reports filed under this subsection by financial institutions
      , as well as other reports filed by financial institutions under the Bank Secrecy Act . (C) Inclusion
      of typologies.— In each publication published under subparagraph (B), the Director shall provide
      financial institutions and the Federal functional regulators with typologies, including data that
      can be adapted in algorithms if appropriate, relating to emerging money laundering and terrorist
      financing threat patterns and trends. (7) Rules of construction.— Nothing in this subsection may
      be construed as precluding the Secretary of the Treasury from— (A) requiring reporting as provided
      under subparagraphs (A) and (B) of paragraph (6); or (B) notifying a Federal law enforcement agency
      with respect to any transaction that the Secretary has determined directly implicates a national
      priority established by the Secretary. (8) Pilot program on sharing with foreign branches, subsidiaries,
      and affiliates.— (A) In general.—
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-i
  canonical_id: bsa-31usc-5318-i
  section: 31 U.S.C. §5318(i)
  description: '(i): (i) Issuance of rules.— Not later than 1 year after the date of enactment of this
    paragraph, the Secretary of the Treasury shall issue rules, in coordination with the Director of the
    Financial Crimes Enforcement Network, establishing the pilot program described in subparagraph (B).
    (ii) Consideratio…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (i) Issuance of rules.— Not later than 1 year after the date of enactment of this
      paragraph, the Secretary of the Treasury shall issue rules, in coordination with the Director of
      the Financial Crimes Enforcement Network, establishing the pilot program described in subparagraph
      (B). (ii) Considerations.— In issuing the rules required under clause (i), the Secretary shall ensure
      that the sharing of information described in subparagraph (B)— (I) is limited by the requirements
      of Federal and State law enforcement operations; (II) takes into account potential concerns of the
      intelligence community; and (III) is subject to appropriate standards and requirements regarding
      data security and the confidentiality of personally identifiable information. (B) Pilot program
      described.— The pilot program described in this paragraph shall—
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-i
  canonical_id: bsa-31usc-5318-i
  section: 31 U.S.C. §5318(i)
  description: '(i): (i) permit a financial institution with a reporting obligation under this subsection
    to share information related to reports under this subsection, including that such a report has been
    filed, with the institution’s foreign branches, subsidiaries, and affiliates for the purpose of combating
    illicit …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (i) permit a financial institution with a reporting obligation under this subsection
      to share information related to reports under this subsection, including that such a report has
      been filed, with the institution’s foreign branches, subsidiaries, and affiliates for the purpose
      of combating illicit finance risks, notwithstanding any other provision of law except subparagraph
      (A) or (C); (ii) permit the Secretary to consider, implement, and enforce provisions that would
      hold a foreign affiliate of a United States financial institution liable for the disclosure of information
      related to reports under this section; (iii) terminate on the date that is 3 years after the date
      of enactment of this paragraph, except that the Secretary of the Treasury may extend the pilot program
      for not more than 2 years upon submitting to the Committee on Banking, Housing, and Urban Affairs
      of the Senate and the Committee on Financial Services of the House of Representatives a report that
      includes— (I) a certification that the extension is in the national interest of the United States
      , with a detailed explanation of the reasons that the extension is in the national interest of the
      United States ; (II) after appropriate consultation by the Secretary with participants in the pilot
      program, an evaluation of the usefulness of the pilot program, including a detailed analysis of
      any illicit activity identified or prevented as a result of the program; and (III) a detailed legislative
      proposal providing for a long-term extension of activities under the pilot program, measures to
      ensure data security, and confidentiality of personally identifiable information, including expected
      budgetary resources for those activities, if the Secretary of the Treasury determines that a long-term
      extension is appropriate. (C) Prohibition involving certain jurisdictions.—
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-i
  canonical_id: bsa-31usc-5318-i
  section: 31 U.S.C. §5318(i)
  description: '(i): (i) In general.— In issuing the rules required under subparagraph (A), the Secretary
    of the Treasury may not permit a financial institution to share information on reports under this
    subsection with a foreign branch, subsidiary, or affiliate located in— (I) the People’s Republic of
    China; (II) the R…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (i) In general.— In issuing the rules required under subparagraph (A), the Secretary
      of the Treasury may not permit a financial institution to share information on reports under this
      subsection with a foreign branch, subsidiary, or affiliate located in— (I) the People’s Republic
      of China; (II) the Russian Federation; or (III) a jurisdiction that— (aa) is a state sponsor of
      terrorism; (bb) is subject to sanctions imposed by the Federal Government; or (cc) the Secretary
      has determined cannot reasonably protect the security and confidentiality of such information. (ii)
      Exceptions.— The Secretary is authorized to make exceptions, on a case-by-case basis, for a financial
      institution located in a jurisdiction listed in subclause (I) or (II) of clause (i), if the Secretary
      notifies the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on
      Financial Services of the House of Representatives that such an exception is in the national security
      interest of the United States. (D) Implementation updates.— Not later than 360 days after the date
      on which rules are issued under subparagraph (A), and annually thereafter for 3 years, the Secretary
      of the Treasury, or the designee of the Secretary, shall brief the Committee on Banking, Housing,
      and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives
      on—
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-i
  canonical_id: bsa-31usc-5318-i
  section: 31 U.S.C. §5318(i)
  description: '(i): (i) the degree of any information sharing permitted under the pilot program and a
    description of criteria used by the Secretary to evaluate the appropriateness of the information sharing;
    (ii) the effectiveness of the pilot program in identifying or preventing the violation of a United
    States law or…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: '(i) the degree of any information sharing permitted under the pilot program and
      a description of criteria used by the Secretary to evaluate the appropriateness of the information
      sharing; (ii) the effectiveness of the pilot program in identifying or preventing the violation
      of a United States law or regulation and mechanisms that may improve that effectiveness; and (iii)
      any recommendations to amend the design of the pilot program. (9) Treatment of foreign jurisdiction-originated
      reports.— Information related to a report received by a financial institution from a foreign affiliate
      with respect to a suspicious transaction relevant to a possible violation of law or regulation shall
      be subject to the same confidentiality requirements provided under this subsection for a report
      of a suspicious transaction described in paragraph (1). (10) No offshoring compliance.— No financial
      institution may establish or maintain any operation located outside of the United States the primary
      purpose of which is to ensure compliance with the Bank Secrecy Act as a result of the sharing granted
      under this subsection. (11) Definitions.— In this subsection: (A) Affiliate.— The term “ affiliate
      ” means an entity that controls, is controlled by, or is under common control with another entity.
      (B) Bank secrecy act; state bank supervisor; state credit union supervisor.— The terms “ Bank Secrecy
      Act ”, “State bank supervisor” , and “State credit union supervisor” have the meanings given the
      terms in section 6003 of the Anti-Money Laundering Act of 2020.'
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-h
  canonical_id: bsa-31usc-5318-h
  section: 31 U.S.C. §5318(h)
  description: '(h): (h) Anti-Money Laundering Programs.— (1) In general.— In order to guard against money
    laundering and the financing of terrorism through financial institutions , each financial institution
    shall establish anti-money laundering and countering the financing of terrorism programs, including,
    at a minimu…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: '(h) Anti-Money Laundering Programs.— (1) In general.— In order to guard against
      money laundering and the financing of terrorism through financial institutions , each financial
      institution shall establish anti-money laundering and countering the financing of terrorism programs,
      including, at a minimum— (A) the development of internal policies, procedures, and controls; (B)
      the designation of a compliance officer; (C) an ongoing employee training program; and (D) an independent
      audit function to test programs. (2) Regulations.— (A) In general.— The Secretary of the Treasury,
      after consultation with the appropriate Federal functional regulator (as defined in section 509
      of the Gramm-Leach-Bliley Act ), may prescribe minimum standards for programs established under
      paragraph (1), and may exempt from the application of those standards any financial institution
      that is not subject to the provisions of the rules contained in part 103 of title 31, of the Code
      of Federal Regulations, or any successor rule thereto, for so long as such financial institution
      is not subject to the provisions of such rules. (B) Factors.— In prescribing the minimum standards
      under subparagraph (A), and in supervising and examining compliance with those standards, the Secretary
      of the Treasury, and the appropriate Federal functional regulator (as defined in section 509 of
      the Gramm-Leach-Bliley Act ( 12 U.S.C. 6809 )) shall take into account the following:'
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-i
  canonical_id: bsa-31usc-5318-i
  section: 31 U.S.C. §5318(i)
  description: '(i): (i) Financial institutions are spending private compliance funds for a public and
    private benefit, including protecting the United States financial system from illicit finance risks.
    (ii) The extension of financial services to the underbanked and the facilitation of financial transactions,
    including…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (i) Financial institutions are spending private compliance funds for a public and
      private benefit, including protecting the United States financial system from illicit finance risks.
      (ii) The extension of financial services to the underbanked and the facilitation of financial transactions,
      including remittances, coming from the United States and abroad in ways that simultaneously prevent
      criminal persons from abusing formal or informal financial services networks are key policy goals
      of the United States . (iii) Effective anti-money laundering and countering the financing of terrorism
      programs safeguard national security and generate significant public benefits by preventing the
      flow of illicit funds in the financial system and by assisting law enforcement and national security
      agencies with the identification and prosecution of persons attempting to launder money and undertake
      other illicit activity through the financial system. (iv) Anti-money laundering and countering the
      financing of terrorism programs described in paragraph (1) should be— (I) reasonably designed to
      assure and monitor compliance with the requirements of this subchapter and regulations promulgated
      under this subchapter; and (II) risk-based, including ensuring that more attention and resources
      of financial institutions should be directed toward higher-risk customers and activities, consistent
      with the risk profile of a financial institution , rather than toward lower-risk customers and activities.
      (3) Concentration accounts.— The Secretary may prescribe regulations under this subsection that
      govern maintenance of concentration accounts by financial institutions , in order to ensure that
      such accounts are not used to prevent association of the identity of an individual customer with
      the movement of funds of which the customer is the direct or beneficial owner, which regulations
      shall, at a minimum— (A) prohibit financial institutions from allowing clients to direct transactions
      that move their funds into, out of, or through the concentration accounts of the financial institution
      ; (B) prohibit financial institutions and their employees from informing customers of the existence
      of, or the means of identifying, the concentration accounts of the institution; and (C) require
      each financial institution to establish written procedures governing the documentation of all transactions
      involving a concentration account, which procedures shall ensure that, any time a transaction involving
      a concentration account commingles funds belonging to 1 or more customers, the identity of, and
      specific amount belonging to, each customer is documented. (4) Priorities.— (A) In general.— Not
      later than 180 days after the date of enactment of this paragraph, the Secretary of the Treasury,
      in consultation with the Attorney General, Federal functional regulators (as defined in section
      509 of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6809 )), relevant State financial regulators, and
      relevant national security agencies, shall establish and make public priorities for anti-money laundering
      and countering the financing of terrorism policy. (B) Updates.— Not less frequently than once every
      4 years, the Secretary of the Treasury, in consultation with the Attorney General, Federal functional
      regulators (as defined in section 509 of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6809 )), relevant
      State financial regulators, and relevant national security agencies, shall update the priorities
      established under subparagraph (A). (C) Relation to national strategy.— The Secretary of the Treasury
      shall ensure that the priorities established under subparagraph (A) are consistent with the national
      strategy for countering the financing of terrorism and related forms of illicit finance developed
      under section 261 of the Countering Russian Influence in Europe and Eurasia Act of 2017 ( Public
      Law 115–44 ; 131 Stat. 934 ). (D) Rulemaking.— Not later than 180 days after the date on which the
      Secretary of the Treasury establishes the priorities under subparagraph (A), the Secretary of the
      Treasury, acting through the Director of the Financial Crimes Enforcement Network and in consultation
      with the Federal functional regulators (as defined in section 509 of the Gramm-Leach-Bliley Act
      ( 15 U.S.C. 6809 )) and relevant State financial regulators, shall, as appropriate, promulgate regulations
      to carry out this paragraph. (E) Supervision and examination.— The review by a financial institution
      of the priorities established under subparagraph (A) and the incorporation of those priorities,
      as appropriate, into the risk-based programs established by the financial institution to meet obligations
      under this subchapter, the USA PATRIOT Act ( Public Law 107–56 ; 115 Stat. 272 ), and other anti-money
      laundering and countering the financing of terrorism laws and regulations shall be included as a
      measure on which a financial institution is supervised and examined for compliance with those obligations.
      (5) Duty.— The duty to establish, maintain and enforce an anti-money laundering and countering the
      financing of terrorism program as required by this subsection shall remain the responsibility of,
      and be performed by, persons in the United States who are accessible to, and subject to oversight
      and supervision by, the Secretary of the Treasury and the appropriate Federal functional regulator
      (as defined in section 509 of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6809 )).
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-i
  canonical_id: bsa-31usc-5318-i
  section: 31 U.S.C. §5318(i)
  description: '(i): (i) Due Diligence for United States Private Banking and Correspondent Bank Accounts
    Involving Foreign Persons.— (1) In general.— Each financial institution that establishes, maintains,
    administers, or manages a private banking account or a correspondent account in the United States
    for a non -United…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (i) Due Diligence for United States Private Banking and Correspondent Bank Accounts
      Involving Foreign Persons.— (1) In general.— Each financial institution that establishes, maintains,
      administers, or manages a private banking account or a correspondent account in the United States
      for a non -United States person, including a foreign individual visiting the United States, or a
      representative of a non -United States person shall establish appropriate, specific, and, where
      necessary, enhanced, due diligence policies, procedures, and controls that are reasonably designed
      to detect and report instances of money laundering through those accounts. (2) Additional standards
      for certain correspondent accounts.— (A) In general.— Subparagraph (B) shall apply if a correspondent
      account is requested or maintained by, or on behalf of, a foreign bank operating—
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-i
  canonical_id: bsa-31usc-5318-i
  section: 31 U.S.C. §5318(i)
  description: '(i): (i) under an offshore banking license ; or (ii) under a banking license issued by
    a foreign country that has been designated— (I) as noncooperative with international anti-money laundering
    principles or procedures by an intergovernmental group or organization of which the United States
    is a member, …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (i) under an offshore banking license ; or (ii) under a banking license issued by
      a foreign country that has been designated— (I) as noncooperative with international anti-money
      laundering principles or procedures by an intergovernmental group or organization of which the United
      States is a member, with which designation the United States representative to the group or organization
      concurs; or (II) by the Secretary of the Treasury as warranting special measures due to money laundering
      concerns. (B) Policies, procedures, and controls.— The enhanced due diligence policies, procedures,
      and controls required under paragraph (1) shall, at a minimum, ensure that the financial institution
      in the United States takes reasonable steps—
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-i
  canonical_id: bsa-31usc-5318-i
  section: 31 U.S.C. §5318(i)
  description: '(i): (i) to ascertain for any such foreign bank, the shares of which are not publicly
    traded, the identity of each of the owners of the foreign bank, and the nature and extent of the ownership
    interest of each such owner; (ii) to conduct enhanced scrutiny of such account to guard against money
    laundering…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: '(i) to ascertain for any such foreign bank, the shares of which are not publicly
      traded, the identity of each of the owners of the foreign bank, and the nature and extent of the
      ownership interest of each such owner; (ii) to conduct enhanced scrutiny of such account to guard
      against money laundering and report any suspicious transactions under subsection (g); and (iii)
      to ascertain whether such foreign bank provides correspondent accounts to other foreign banks and,
      if so, the identity of those foreign banks and related due diligence information, as appropriate
      under paragraph (1). (3) Minimum standards for private banking accounts.— If a private banking account
      is requested or maintained by, or on behalf of, a non -United States person, then the due diligence
      policies, procedures, and controls required under paragraph (1) shall, at a minimum, ensure that
      the financial institution takes reasonable steps— (A) to ascertain the identity of the nominal and
      beneficial owners of, and the source of funds deposited into, such account as needed to guard against
      money laundering and report any suspicious transactions under subsection (g); and (B) to conduct
      enhanced scrutiny of any such account that is requested or maintained by, or on behalf of, a senior
      foreign political figure, or any immediate family member or close associate of a senior foreign
      political figure, that is reasonably designed to detect and report transactions that may involve
      the proceeds of foreign corruption. (4) Definitions.— For purposes of this subsection, the following
      definitions shall apply: (A) Offshore banking license.— The term “ offshore banking license ” means
      a license to conduct banking activities which, as a condition of the license, prohibits the licensed
      entity from conducting banking activities with the citizens of, or with the local currency of, the
      country which issued the license. (B) Private banking account.— The term “ private banking account
      ” means an account (or any combination of accounts) that—'
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-i
  canonical_id: bsa-31usc-5318-i
  section: 31 U.S.C. §5318(i)
  description: '(i): (i) requires a minimum aggregate deposits of funds or other assets of not less than
    $1,000,000; (ii) is established on behalf of 1 or more individuals who have a direct or beneficial
    ownership interest in the account; and (iii) is assigned to, or is administered or managed by, in
    whole or in part, a…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (i) requires a minimum aggregate deposits of funds or other assets of not less than
      $1,000,000; (ii) is established on behalf of 1 or more individuals who have a direct or beneficial
      ownership interest in the account; and (iii) is assigned to, or is administered or managed by, in
      whole or in part, an officer, employee, or agent of a financial institution acting as a liaison
      between the financial institution and the direct or beneficial owner of the account.
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-j
  canonical_id: bsa-31usc-5318-j
  section: 31 U.S.C. §5318(j)
  description: '(j): (j) Prohibition on United States Correspondent Accounts With Foreign Shell Banks.—
    (1) In general.— A financial institution described in subparagraphs (A) through (G) of section 5312(a)(2)
    (in this subsection referred to as a “covered financial institution” ) shall not establish, maintain,
    administe…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (j) Prohibition on United States Correspondent Accounts With Foreign Shell Banks.—
      (1) In general.— A financial institution described in subparagraphs (A) through (G) of section 5312(a)(2)
      (in this subsection referred to as a “covered financial institution” ) shall not establish, maintain,
      administer, or manage a correspondent account in the United States for, or on behalf of, a foreign
      bank that does not have a physical presence in any country. (2) Prevention of indirect service to
      foreign shell banks.— A covered financial institution shall take reasonable steps to ensure that
      any correspondent account established, maintained, administered, or managed by that covered financial
      institution in the United States for a foreign bank is not being used by that foreign bank to indirectly
      provide banking services to another foreign bank that does not have a physical presence in any country.
      The Secretary of the Treasury shall, by regulation, delineate the reasonable steps necessary to
      comply with this paragraph. (3) Exception.— Paragraphs (1) and (2) do not prohibit a covered financial
      institution from providing a correspondent account to a foreign bank, if the foreign bank— (A) is
      an affiliate of a depository institution, credit union, or foreign bank that maintains a physical
      presence in the United States or a foreign country, as applicable; and (B) is subject to supervision
      by a banking authority in the country regulating the affiliated depository institution, credit union,
      or foreign bank described in subparagraph (A), as applicable. (4) Definitions.— For purposes of
      this subsection— (A) the term “ affiliate ” means a foreign bank that is controlled by or is under
      common control with a depository institution, credit union, or foreign bank; and (B) the term “
      physical presence ” means a place of business that—
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-i
  canonical_id: bsa-31usc-5318-i
  section: 31 U.S.C. §5318(i)
  description: '(i): (i) is maintained by a foreign bank; (ii) is located at a fixed address (other than
    solely an electronic address) in a country in which the foreign bank is authorized to conduct banking
    activities, at which location the foreign bank— (I) employs 1 or more individuals on a full-time basis;
    and (II) m…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (i) is maintained by a foreign bank; (ii) is located at a fixed address (other than
      solely an electronic address) in a country in which the foreign bank is authorized to conduct banking
      activities, at which location the foreign bank— (I) employs 1 or more individuals on a full-time
      basis; and (II) maintains operating records related to its banking activities; and (iii) is subject
      to inspection by the banking authority which licensed the foreign bank to conduct banking activities.
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-k
  canonical_id: bsa-31usc-5318-k
  section: 31 U.S.C. §5318(k)
  description: '(k): (k) Bank Records Related to Anti-Money Laundering Programs.— (1) Definitions.— For
    purposes of this subsection, the following definitions shall apply: (A) Appropriate federal banking
    agency.— The term “ appropriate Federal banking agency ” has the same meaning as in section 3 of the
    Federal Deposit …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: '(k) Bank Records Related to Anti-Money Laundering Programs.— (1) Definitions.— For
      purposes of this subsection, the following definitions shall apply: (A) Appropriate federal banking
      agency.— The term “ appropriate Federal banking agency ” has the same meaning as in section 3 of
      the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ). (B) Covered financial institution.— The term
      “ covered financial institution ” means an institution referred to in subsection (j)(1). (C) Incorporated
      term.— The term “ correspondent account ” has the same meaning as in section 5318A(e)(1)(B). (2)
      120-hour rule.— Not later than 120 hours after receiving a request by an appropriate Federal banking
      agency for information related to anti-money laundering compliance by a covered financial institution
      or a customer of such institution, a covered financial institution shall provide to the appropriate
      Federal banking agency , or make available at a location specified by the representative of the
      appropriate Federal banking agency , information and account documentation for any account opened,
      maintained, administered or managed in the United States by the covered financial institution. (3)
      Foreign bank records.— (A) Subpoena of records.—'
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-i
  canonical_id: bsa-31usc-5318-i
  section: 31 U.S.C. §5318(i)
  description: '(i): (i) In general.— Notwithstanding subsection (b), the Secretary of the Treasury or
    the Attorney General may issue a subpoena to any foreign bank that maintains a correspondent account
    in the United States and request any records relating to the correspondent account or any account
    at the foreign bank…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (i) In general.— Notwithstanding subsection (b), the Secretary of the Treasury or
      the Attorney General may issue a subpoena to any foreign bank that maintains a correspondent account
      in the United States and request any records relating to the correspondent account or any account
      at the foreign bank, including records maintained outside of the United States, that are the subject
      of— (I) any investigation of a violation of a criminal law of the United States ; (II) any investigation
      of a violation of this subchapter; (III) a civil forfeiture action; or (IV) an investigation pursuant
      to section 5318A. (ii) Production of records.— The foreign bank on which a subpoena described in
      clause (i) is served shall produce all requested records and authenticate all requested records
      with testimony in the manner described in— (I) rule 902(12) of the Federal Rules of Evidence; or
      (II) section 3505 of title 18 . (iii) Issuance and service of subpoena.— A subpoena described in
      clause (i)— (I) shall designate— (aa) a return date; and (bb) the judicial district in which the
      related investigation is proceeding; and (II) may be served— (aa) in person ; (bb) by mail or fax
      in the United States if the foreign bank has a representative in the United States ; or (cc) if
      applicable, in a foreign country under any mutual legal assistance treaty, multilateral agreement,
      or other request for international legal or law enforcement assistance. (iv) Relief from subpoena.—
      (I) In general.— At any time before the return date of a subpoena described in clause (i), the foreign
      bank on which the subpoena is served may petition the district court of the United States for the
      judicial district in which the related investigation is proceeding, as designated in the subpoena,
      to modify or quash— (aa) the subpoena; or (bb) the prohibition against disclosure described in subparagraph
      (C). (II) Conflict with foreign secrecy or confidentiality.— An assertion that compliance with a
      subpoena described in clause (i) would conflict with a provision of foreign secrecy or confidentiality
      law shall not be a sole basis for quashing or modifying the subpoena. (B) Acceptance of service.—
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-i
  canonical_id: bsa-31usc-5318-i
  section: 31 U.S.C. §5318(i)
  description: '(i): (i) Maintaining records in the united states.— Any covered financial institution
    that maintains a correspondent account in the United States for a foreign bank shall maintain records
    in the United States identifying— (I) the owners of record and the beneficial owners of the foreign
    bank; and (II) th…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (i) Maintaining records in the united states.— Any covered financial institution
      that maintains a correspondent account in the United States for a foreign bank shall maintain records
      in the United States identifying— (I) the owners of record and the beneficial owners of the foreign
      bank; and (II) the name and address of a person who— (aa) resides in the United States ; and (bb)
      is authorized to accept service of legal process for records covered under this subsection. (ii)
      Law enforcement request.— Upon receipt of a written request from a Federal law enforcement officer
      for information required to be maintained under this paragraph, a covered financial institution
      shall provide the information to the requesting officer not later than 7 days after receipt of the
      request. (C) Nondisclosure of subpoena.—
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-i
  canonical_id: bsa-31usc-5318-i
  section: 31 U.S.C. §5318(i)
  description: '(i): (i) In general.— No officer, director, partner, employee, or shareholder of, or agent
    or attorney for, a foreign bank on which a subpoena is served under this paragraph shall, directly
    or indirectly, notify any account holder involved or any person named in the subpoena issued under
    subparagraph (A)…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (i) In general.— No officer, director, partner, employee, or shareholder of, or agent
      or attorney for, a foreign bank on which a subpoena is served under this paragraph shall, directly
      or indirectly, notify any account holder involved or any person named in the subpoena issued under
      subparagraph (A)(i) and served on the foreign bank about the existence or contents of the subpoena.
      (ii) Damages.— Upon application by the Attorney General for a violation of this subparagraph, a
      foreign bank on which a subpoena is served under this paragraph shall be liable to the United States
      Government for a civil penalty in an amount equal to— (I) double the amount of the suspected criminal
      proceeds sent through the correspondent account of the foreign bank in the related investigation;
      or (II) if no such proceeds can be identified, not more than $250,000. (D) Enforcement.—
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-i
  canonical_id: bsa-31usc-5318-i
  section: 31 U.S.C. §5318(i)
  description: '(i): (i) In general.— If a foreign bank fails to obey a subpoena issued under subparagraph
    (A)(i), the Attorney General may invoke the aid of the district court of the United States for the
    judicial district in which the investigation or related proceeding is occurring to compel compliance
    with the subpo…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (i) In general.— If a foreign bank fails to obey a subpoena issued under subparagraph
      (A)(i), the Attorney General may invoke the aid of the district court of the United States for the
      judicial district in which the investigation or related proceeding is occurring to compel compliance
      with the subpoena. (ii) Court orders and contempt of court.— A court described in clause (i) may—
      (I) issue an order requiring the foreign bank to appear before the Secretary of the Treasury or
      the Attorney General to produce— (aa) certified records, in accordance with— (AA) rule 902(12) of
      the Federal Rules of Evidence; or (BB) section 3505 of title 18 ; or (bb) testimony regarding the
      production of the certified records; and (II) punish any failure to obey an order issued under subclause
      (I) as contempt of court. (iii) Service of process.— All process in a case under this subparagraph
      shall be served on the foreign bank in the same manner as described in subparagraph (A)(iii). (E)
      Termination of correspondent relationship.—
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-i
  canonical_id: bsa-31usc-5318-i
  section: 31 U.S.C. §5318(i)
  description: '(i): (i) Termination upon receipt of notice.— A covered financial institution shall terminate
    any correspondent relationship with a foreign bank not later than 10 business days after the date
    on which the covered financial institution receives written notice from the Secretary of the Treasury
    or the Atto…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (i) Termination upon receipt of notice.— A covered financial institution shall terminate
      any correspondent relationship with a foreign bank not later than 10 business days after the date
      on which the covered financial institution receives written notice from the Secretary of the Treasury
      or the Attorney General if, after consultation with the other, the Secretary of the Treasury or
      the Attorney General, as applicable, determines that the foreign bank has failed— (I) to comply
      with a subpoena issued under subparagraph (A)(i); or (II) to prevail in proceedings before— (aa)
      the appropriate district court of the United States after challenging a subpoena described in subclause
      (I) under subparagraph (A)(iv)(I); or (bb) a court of appeals of the United States after appealing
      a decision of a district court of the United States under item (aa). (ii) Limitation on liability.—
      A covered financial institution shall not be liable to any person in any court or arbitration proceeding
      for— (I) terminating a correspondent relationship under this subparagraph; or (II) complying with
      a nondisclosure order under subparagraph (C). (iii) Failure to terminate relationship or failure
      to comply with a subpoena.— (I) Failure to terminate relationship.— A covered financial institution
      that fails to terminate a correspondent relationship under clause (i) shall be liable for a civil
      penalty in an amount that is not more than $25,000 for each day that the covered financial institution
      fails to terminate the relationship. (II) Failure to comply with a subpoena.— (aa) In general.—
      Upon failure to comply with a subpoena under subparagraph (A)(i), a foreign bank may be liable for
      a civil penalty assessed by the issuing agency in an amount that is not more than $50,000 for each
      day that the foreign bank fails to comply with the terms of a subpoena. (bb) Additional penalties.—
      Beginning after the date that is 60 days after a foreign bank fails to comply with a subpoena under
      subparagraph (A)(i), the Secretary of the Treasury or the Attorney General may seek additional penalties
      and compel compliance with the subpoena in the appropriate district court of the United States .
      (cc) Venue for relief.— A foreign bank may seek review in the appropriate district court of the
      United States of any penalty assessed under this clause and the issuance of a subpoena under subparagraph
      (A)(i). (F) Enforcement of civil penalties.— Upon application by the United States , any funds held
      in the correspondent account of a foreign bank that is maintained in the United States with a covered
      financial institution may be seized by the United States to satisfy any civil penalties that are
      imposed—
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-i
  canonical_id: bsa-31usc-5318-i
  section: 31 U.S.C. §5318(i)
  description: '(i): (i) under subparagraph (C)(ii); (ii) by a court for contempt under subparagraph (D);
    or (iii) under subparagraph (E)(iii)(II).'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (i) under subparagraph (C)(ii); (ii) by a court for contempt under subparagraph (D);
      or (iii) under subparagraph (E)(iii)(II).
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-l
  canonical_id: bsa-31usc-5318-l
  section: 31 U.S.C. §5318(l)
  description: '(l): (l) Identification and Verification of Accountholders.— (1) In general.— Subject
    to the requirements of this subsection, the Secretary of the Treasury shall prescribe regulations
    setting forth the minimum standards for financial institutions and their customers regarding the identity
    of the customer…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (l) Identification and Verification of Accountholders.— (1) In general.— Subject
      to the requirements of this subsection, the Secretary of the Treasury shall prescribe regulations
      setting forth the minimum standards for financial institutions and their customers regarding the
      identity of the customer that shall apply in connection with the opening of an account at a financial
      institution . (2) Minimum requirements.— The regulations shall, at a minimum, require financial
      institutions to implement, and customers (after being given adequate notice) to comply with, reasonable
      procedures for— (A) verifying the identity of any person seeking to open an account to the extent
      reasonable and practicable; (B) maintaining records of the information used to verify a person ’s
      identity, including name, address, and other identifying information; and (C) consulting lists of
      known or suspected terrorists or terrorist organizations provided to the financial institution by
      any government agency to determine whether a person seeking to open an account appears on any such
      list. (3) Factors to be considered.— In prescribing regulations under this subsection, the Secretary
      shall take into consideration the various types of accounts maintained by various types of financial
      institutions , the various methods of opening accounts, and the various types of identifying information
      available. (4) Certain financial institutions.— In the case of any financial institution the business
      of which is engaging in financial activities described in section 4(k) of the Bank Holding Company
      Act of 1956 (including financial activities subject to the jurisdiction of the Commodity Futures
      Trading Commission ), the regulations prescribed by the Secretary under paragraph (1) shall be prescribed
      jointly with each Federal functional regulator (as defined in section 509 of the Gramm-Leach-Bliley
      Act , including the Commodity Futures Trading Commission ) appropriate for such financial institution.
      (5) Exemptions.— The Secretary (and, in the case of any financial institution described in paragraph
      (4), any Federal agency described in such paragraph) may, by regulation or order, exempt any financial
      institution or type of account from the requirements of any regulation prescribed under this subsection
      in accordance with such standards and procedures as the Secretary may prescribe. (6) Effective date.—
      Final regulations prescribed under this subsection shall take effect before the end of the 1-year
      period beginning on the date of enactment of the International Money Laundering Abatement and Financial
      Anti-Terrorism Act of 2001.
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-m
  canonical_id: bsa-31usc-5318-m
  section: 31 U.S.C. §5318(m)
  description: '(m): (m) Applicability of Rules.— Any rules promulgated pursuant to the authority contained
    in section 21 of the Federal Deposit Insurance Act ( 12 U.S.C. 1829b ) shall apply, in addition to
    any other financial institution to which such rules apply, to any person that engages as a business
    in the transmi…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (m) Applicability of Rules.— Any rules promulgated pursuant to the authority contained
      in section 21 of the Federal Deposit Insurance Act ( 12 U.S.C. 1829b ) shall apply, in addition
      to any other financial institution to which such rules apply, to any person that engages as a business
      in the transmission of funds, including any person who engages as a business in an informal money
      transfer system or any network of people who engage as a business in facilitating the transfer of
      money domestically or internationally outside of the conventional financial institutions system.
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-n
  canonical_id: bsa-31usc-5318-n
  section: 31 U.S.C. §5318(n)
  description: '(n): (n) Reporting of Certain Cross-Border Transmittals of Funds.— (1) In general.— Subject
    to paragraphs (3) and (4), the Secretary shall prescribe regulations requiring such financial institutions
    as the Secretary determines to be appropriate to report to the Financial Crimes Enforcement Network
    certai…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (n) Reporting of Certain Cross-Border Transmittals of Funds.— (1) In general.— Subject
      to paragraphs (3) and (4), the Secretary shall prescribe regulations requiring such financial institutions
      as the Secretary determines to be appropriate to report to the Financial Crimes Enforcement Network
      certain cross-border electronic transmittals of funds, if the Secretary determines that reporting
      of such transmittals is reasonably necessary to conduct the efforts of the Secretary against money
      laundering and terrorist financing. (2) Limitation on reporting requirements.— Information required
      to be reported by the regulations prescribed under paragraph (1) shall not exceed the information
      required to be retained by the reporting financial institution pursuant to section 21 of the Federal
      Deposit Insurance Act and the regulations promulgated thereunder, unless— (A) the Board of Governors
      of the Federal Reserve System and the Secretary jointly determine that a particular item or items
      of information are not currently required to be retained under such section or such regulations;
      and (B) the Secretary determines, after consultation with the Board of Governors of the Federal
      Reserve System , that the reporting of such information is reasonably necessary to conduct the efforts
      of the Secretary to identify cross-border money laundering and terrorist financing. (3) Form and
      manner of reports.— In prescribing the regulations required under paragraph (1), the Secretary shall,
      subject to paragraph (2), determine the appropriate form, manner, content, and frequency of filing
      of the required reports. (4) Feasibility report.— (A) In general.— Before prescribing the regulations
      required under paragraph (1), and as soon as is practicable after the date of enactment of the Intelligence
      Reform and Terrorism Prevention Act of 2004 , the Secretary shall submit a report to the Committee
      on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of
      the House of Representatives that—
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-i
  canonical_id: bsa-31usc-5318-i
  section: 31 U.S.C. §5318(i)
  description: '(i): (i) identifies the information in cross-border electronic transmittals of funds that
    may be found in particular cases to be reasonably necessary to conduct the efforts of the Secretary
    to identify money laundering and terrorist financing, and outlines the criteria to be used by the
    Secretary to sele…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (i) identifies the information in cross-border electronic transmittals of funds that
      may be found in particular cases to be reasonably necessary to conduct the efforts of the Secretary
      to identify money laundering and terrorist financing, and outlines the criteria to be used by the
      Secretary to select the situations in which reporting under this subsection may be required; (ii)
      outlines the appropriate form, manner, content, and frequency of filing of the reports that may
      be required under such regulations; (iii) identifies the technology necessary for the Financial
      Crimes Enforcement Network to receive, keep, exploit, protect the security of, and disseminate information
      from reports of cross-border electronic transmittals of funds to law enforcement and other entities
      engaged in efforts against money laundering and terrorist financing; and (iv) discusses the information
      security protections required by the exercise of the Secretary’s authority under this subsection.
      (B) Consultation.— In reporting the feasibility report under subparagraph (A), the Secretary may
      consult with the Bank Secrecy Act Advisory Group established by the Secretary, and any other group
      considered by the Secretary to be relevant. (5) Regulations.— (A) In general.— Subject to subparagraph
      (B), the regulations required by paragraph (1) shall be prescribed in final form by the Secretary,
      in consultation with the Board of Governors of the Federal Reserve System , before the end of the
      3-year period beginning on the date of enactment of the National Intelligence Reform Act of 2004.
      (B) Technological feasibility.— No regulations shall be prescribed under this subsection before
      the Secretary certifies to the Congress that the Financial Crimes Enforcement Network has the technological
      systems in place to effectively and efficiently receive, keep, exploit, protect the security of,
      and disseminate information from reports of cross-border electronic transmittals of funds to law
      enforcement and other entities engaged in efforts against money laundering and terrorist financing.
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-o
  canonical_id: bsa-31usc-5318-o
  section: 31 U.S.C. §5318(o)
  description: '(o): (o) Testing.— (1) In general.— The Secretary of the Treasury, in consultation with
    the head of each agency to which the Secretary has delegated duties or powers under subsection (a),
    shall issue a rule to specify with respect to technology and related technology internal processes
    designed to facili…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (o) Testing.— (1) In general.— The Secretary of the Treasury, in consultation with
      the head of each agency to which the Secretary has delegated duties or powers under subsection (a),
      shall issue a rule to specify with respect to technology and related technology internal processes
      designed to facilitate compliance with the requirements under this subchapter, the standards by
      which financial institutions are to test the technology and related technology internal processes.
      (2) Standards.— The standards described in paragraph (1) may include— (A) an emphasis on using innovative
      approaches such as machine learning or other enhanced data analytics processes; (B) risk-based testing,
      oversight, and other risk management approaches of the regime, prior to and after implementation,
      to facilitate calibration of relevant systems and prudently evaluate and monitor the effectiveness
      of their implementation; (C) specific criteria for when and how risk-based testing against existing
      processes should be considered to test and validate the effectiveness of relevant systems and situations
      and standards for when other risk management processes, including those developed by or through
      third party risk and compliance management systems, and oversight may be more appropriate; (D) specific
      standards for a risk governance framework for financial institutions to provide oversight and to
      prudently evaluate and monitor systems and testing processes both pre- and post-implementation;
      (E) requirements for appropriate data privacy and information security; and (F) a requirement that
      the system configurations, including any applicable algorithms and any validation of those configurations
      used by the regime be disclosed to the Financial Crimes Enforcement Network and the appropriate
      Federal functional regulator upon request. (3) Confidentiality of algorithms.— (A) In general.—
      If a financial institution or any director, officer, employee, or agent of any financial institution
      , voluntarily or pursuant to this subsection or any other authority, discloses the algorithms of
      the financial institution to a government agency, the algorithms and any materials associated with
      the creation or adaption of such algorithms shall be considered confidential and not subject to
      public disclosure. (B) Freedom of information act.— Section 552(a)(3) of title 5 (commonly known
      as the “ Freedom of Information Act ”) shall not apply to any request for algorithms described in
      subparagraph (A) and any materials associated with the creation or adaptation of the algorithms.
      (4) Definition.— In this subsection, the term “ Federal functional regulator ” means— (A) the Board
      of Governors of the Federal Reserve System ; (B) the Office of the Comptroller of the Currency ;
      (C) the Federal Deposit Insurance Corporation ; (D) the National Credit Union Administration ; (E)
      the Securities and Exchange Commission ; and (F) the Commodity Futures Trading Commission .
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-p
  canonical_id: bsa-31usc-5318-p
  section: 31 U.S.C. §5318(p)
  description: '(p): (p) Sharing of Compliance Resources.— (1) Sharing permitted.— In order to more efficiently
    comply with the requirements of this subchapter, 2 or more financial institutions may enter into collaborative
    arrangements, as described in the statement entitled “Interagency Statement on Sharing Bank Secrec…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: (p) Sharing of Compliance Resources.— (1) Sharing permitted.— In order to more efficiently
      comply with the requirements of this subchapter, 2 or more financial institutions may enter into
      collaborative arrangements, as described in the statement entitled “Interagency Statement on Sharing
      Bank Secrecy Act Resources”, published on October 3, 2018 , by the Board of Governors of the Federal
      Reserve System , the Federal Deposit Insurance Corporation , the Financial Crimes Enforcement Network,
      the National Credit Union Administration , and the Office of the Comptroller of the Currency . (2)
      Outreach.— The Secretary of the Treasury and the appropriate supervising agencies shall carry out
      an outreach program to provide financial institutions with information, including best practices,
      with respect to the collaborative arrangements described in paragraph (1).
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31usc-5318-q
  canonical_id: bsa-31usc-5318-q
  section: 31 U.S.C. §5318(q)
  description: '(q): (q) Interagency Coordination and Consultation.— (1) In general.— The Secretary of
    the Treasury shall, as appropriate, invite an appropriate State bank supervisor and an appropriate
    State credit union supervisor to participate in the interagency consultation and coordination with
    the Federal deposito…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 31 U.S.C. §5318(g)(1)
    source_class: bsa-statute
    source_url: https://www.law.cornell.edu/uscode/text/31/5318
    snapshot_id: 7fdf11b42e323737
    fetched_at: '2026-05-24T19:33:27Z'
    content_hash: sha256:a8cef3e334a5f716ac4883cfa2ecbbec184de6b37724cc88eee22dfeac3540ad
    paragraph_quote: '(q) Interagency Coordination and Consultation.— (1) In general.— The Secretary of
      the Treasury shall, as appropriate, invite an appropriate State bank supervisor and an appropriate
      State credit union supervisor to participate in the interagency consultation and coordination with
      the Federal depository institution regulators regarding the development or modification of any rule
      or regulation carrying out this subchapter. (2) Rules of construction.— Nothing in this subsection
      may be construed to— (A) affect, modify, or limit the discretion of the Secretary of the Treasury
      with respect to the methods or forms of interagency consultation and coordination; or (B) require
      the Secretary of the Treasury or a Federal depository institution regulator to coordinate or consult
      with an appropriate State bank supervisor or to invite such supervisor to participate in interagency
      consultation and coordination with respect to a matter, including a rule or regulation, specifically
      affecting only Federal depository institutions or Federal credit unions. (3) Definitions.— In this
      subsection: (A) Appropriate state bank supervisor.— The term “ appropriate State bank supervisor
      ” means the Chairman or members of the State Liaison Committee of the Financial Institutions Examination
      Council. (B) Appropriate state credit union supervisor.— The term “ appropriate State credit union
      supervisor ” means the Chairman or members of the State Liaison Committee of the Financial Institutions
      Examination Council. (C) Federal credit union.— The term “ Federal credit union ” has the meaning
      given the term in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 ). (D) Federal depository
      institution.— The term “ Federal depository institution ” has the meaning given the term in section
      3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ). (E) Federal depository institution regulators.—
      The term “ Federal depository institution regulator ” means a member of the Financial Institutions
      Examination Council to which is delegated any authority of the Secretary under subsection (a)(1).
      ( Pub. L. 97–258 , Sept. 13, 1982 , 96 Stat. 999 ; Pub. L. 99–570, title I, § 1356(a) , (b), (c)(2),
      Oct. 27, 1986 , 100 Stat. 3207–23 , 3207–24; Pub. L. 100–690, title VI , §§ 6185(e), 6469(c), Nov.
      18, 1988 , 102 Stat. 4357 , 4377; Pub. L. 102–550, title XV , §§ 1504(d)(1), 1513, 1517(b), Oct.
      28, 1992 , 106 Stat. 4055 , 4058, 4059; Pub. L. 103–322, title XXXIII, § 330017(b)(1) , Sept. 13,
      1994 , 108 Stat. 2149 ; Pub. L. 103–325, title IV , §§ 403(a), 410, 413(b)(1), Sept. 23, 1994 ,
      108 Stat. 2245 , 2252, 2254; Pub. L. 107–56, title III , §§ 312(a), 313(a), 319(b), 325, 326(a),
      351, 352(a), 358(b), 359(c), 365(c)(2)(B), Oct. 26, 2001 , 115 Stat. 304 , 306, 312, 317, 320, 322,
      326, 328, 335; Pub. L. 108–159, title VIII, § 811(g) , Dec. 4, 2003 , 117 Stat. 2012 ; Pub. L. 108–458,
      title VI , §§ 6202(h), 6203(c), (d), 6302, Dec. 17, 2004 , 118 Stat. 3746–3748 ; Pub. L. 109–177,
      title IV, § 407 , Mar. 9, 2006 , 120 Stat. 245 ; Pub. L. 112–74, div. C, title I, § 118 , Dec. 23,
      2011 , 125 Stat. 891 ; Pub. L. 113–156, § 2(a) , Aug. 8, 2014 , 128 Stat. 1829 ; Pub. L. 116–283,
      div. F, title LXI , §§ 6101(b), 6102(c), title LXII, §§ 6202, 6206, 6209(a), 6212, 6213(a), title
      LXIII, §§ 6301, 6308(a), Jan. 1, 2021 , 134 Stat. 4550 , 4553, 4566, 4571, 4573, 4576, 4579, 4584,
      4590.) [1] See References in Text note below. [2] So in original. Historical and Revision Notes
      Revised Section Source (U.S. Code) Source (Statutes at Large) 5318 31:1054(a), (b)(1st sentence).
      Oct. 26, 1970 , Pub. L. 91–508 , §§ 205(a), (b)(1st sentence), 206, 84 Stat. 1120 . 31:1055. In
      the section, before clause (1), the words “have the responsibility to assure compliance with the
      requirements of this chapter” in 31:1054(a) are omitted as unnecessary because of section 321 of
      the revised title. The words “(except under section 5315 of this title and regulations prescribed
      under section 5315)” are added because 31:1141–1143 was not enacted as a part of the Currency and
      Foreign Transactions Reporting Act that is restated in this subchapter. In clause (1), the words
      “duties and powers” are substituted for “responsibilities” for consistency in the revised title
      and with other titles of the United States Code. The words “bank supervisory agency, or other” are
      omitted as surplus. In clause (2), the words “by regulation” and “as he may deem” are omitted as
      surplus. The words “and regulations prescribed under this subchapter” are added because of the restatement.
      In clause (3), the word “prescribe” is substituted for “make” in 31:1055 for consistency in the
      revised title and with other titles of the Code. The words “otherwise imposed”, 31:1055(1st sentence),
      and the words “in his discretion” are omitted as surplus.'
    drafter_attestation: Verbatim subsection of 31 U.S.C. §5318 from Cornell LII snapshot 7fdf11b42e323737;
      body isolated between nav and notes; substring-verified.
  judgment: false
