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Bank Secrecy Act Resources

The Bank Secrecy Act, enacted in 1970, requires credit unions to assist US government agencies in detecting and preventing money laundering, fraud, and terrorist financing. This law mandates the implementation of risk-based programs, suspicious activity reporting (SAR), currency transaction reporting (CTR), and enhanced member due diligence (MDD).

The Bank Secrecy Act has five required elements or pillars to ensure compliance: 
  • Designate a compliance officer.
  • Develop internal controls.
  • Establish an AML compliance training program.
  • Have independent audits of the program done.
  • Perform customer due diligence.

Training is essential for all credit union staff and board members. As a benefit of membership with the Tennessee League, we have provided access to our annual training video to help your credit union meet its training needs. 

If your credit union has questions about the Bank Secrecy Act or any other compliance-related matter, please contact our Compliance Hotline at compliance@yourleague.org. This is an additional benefit of your Tennessee League membership.