Abstract
Federal banking regulations often supersede state and local regulations. In total, there are thousands of regulations, large and small, that banks need to understand and comply with. The Bank Secrecy Act (BSA), for instance, establishes program, recordkeeping, and reporting requirements for national banks, federal savings associations, federal branches, and agencies of foreign banks.
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Notes
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The Federal Reserve was created on December 23, 1913, when President Woodrow Wilson signed the Federal Reserve Act into law.
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Pub. L. 81–797, 64 Stat. 873, enacted September 21, 1950.
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International Banking Act of 1978, Pub. L. 369, 95th Cong., 2nd Sess.
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John P. Segala (1979): A Summary of the International Banking Act of 1978, Economic Review, January/February 1979, pp. 20–21.
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John P. Segala (1979): A Summary of the International Banking Act of 1978, Economic Review, January/February 1979, p. 16.
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Testimony for the Record Kenneth A. Blanco Director, Financial Crimes Enforcement Network U.S. Department of the Treasury Committee on Banking, Housing and Urban Affairs United States Senate (November 29, 2018).
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Information from Suspicious Activity Reports (“SARs”), Currency Transaction Reports (“CTRs”), Form 8300, Reports of International Transportation of Currency or Monetary Instruments (“CMIRs”) and other reports are used on both a proactive and reactive basis to investigate specific individuals and entities and to identify leads, connect the dots, and otherwise advance investigations.
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Testimony for the Record Kenneth A. Blanco Director, Financial Crimes Enforcement Network U.S. Department of the Treasury Committee on Banking, Housing and Urban Affairs United States Senate (November 29, 2018).
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FIN-2019-G001 (May 9, 2019): Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies, p. 10.
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Lessambo, F.I. (2020). Banking Laws. In: The U.S. Banking System. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-34792-5_2
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DOI: https://doi.org/10.1007/978-3-030-34792-5_2
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