Which agency is primarily responsible for enforcing the Bank Secrecy Act?

The Financial Crimes Enforcement Network (FinCEN) is the agency primarily responsible for enforcing the Bank Secrecy Act (BSA). Established within the U.S. Department of the Treasury, FinCEN's primary mission is to combat financial crimes, including money laundering and terrorist financing, which is where the BSA plays a critical role.

The BSA requires financial institutions to assist government agencies in detecting and preventing money laundering. FinCEN accomplishes this by issuing regulations, collecting and analyzing financial transaction data, and coordinating with other federal and state agencies. This oversight ensures compliance with the Act and helps to safeguard the financial system.

Other agencies, while involved in various aspects of financial regulation and enforcement, do not have the same level of primary responsibility for the enforcement of the BSA as FinCEN. For example, the Federal Reserve and the Office of the Comptroller of the Currency are involved in broader regulatory and supervisory roles over banks and other financial institutions but do not focus exclusively on BSA enforcement. The Securities and Exchange Commission primarily regulates the securities industry and also does not enforce the BSA. Thus, FinCEN stands out as the key agency tasked with the enforcement of the Bank Secrecy Act.