Requirements ยท Financial services

Bank Secrecy Act and anti-money laundering rules

Including FinCEN rules and the USA PATRIOT Act. 3 Moraph products list it under “Requirements it supports”. The products support this requirement; meeting it remains your organization’s responsibility.

About the rule

What it is

The Bank Secrecy Act requires financial institutions to keep certain records, file reports such as currency transaction reports and suspicious activity reports, and maintain an anti-money laundering program. The USA PATRIOT Act of 2001 expanded these requirements, including customer identification programs. The Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of the Treasury, administers the Act and issues its regulations, in 31 CFR Chapter X.

Source: FinCEN: Bank Secrecy Act. AML and BSA in the glossary. This summary is for orientation only; read the rule itself or ask your counsel for what it requires of you.

Citations

How the products cite it

The exact wording on the product pages, with how many products use each.

  • FinCEN Customer Due Diligence Rule (31 CFR 1010.230) 2 products
  • Bank Secrecy Act (31 U.S.C. 5311 et seq.) 1 product
  • Bank Secrecy Act recordkeeping and travel rule (31 CFR 1010.410) 1 product
  • FFIEC BSA/AML Examination Manual 1 product
  • FinCEN SAR rules (31 CFR 1020.320 for banks) 1 product
  • USA PATRIOT Act Section 314 information sharing 1 product
  • USA PATRIOT Act Section 326 and the Customer Identification Program rule (31 CFR 1020.220) 1 product

For what it requires of your organization, read the rule itself or ask your counsel. AML and BSA in the glossary.

Products

The 3 products that support it

  • Financial ServicesMoraph SaaS

    AML & SAR Automation Hub

    ML-driven detection of structuring/layering, auto-populating FinCEN Suspicious Activity Reports (SARs) for officers.

    Lists:

    • Bank Secrecy Act (31 U.S.C. 5311 et seq.)
    • FinCEN SAR rules (31 CFR 1020.320 for banks)
    • FinCEN Customer Due Diligence Rule (31 CFR 1010.230)
    • FFIEC BSA/AML Examination Manual
    • USA PATRIOT Act Section 314 information sharing
    Product details and demo
  • Financial ServicesMoraph SaaS

    Crypto-Asset Custody Bridge

    A control layer allowing banks to hold digital assets via sub-custodians while maintaining the legal ledger of record. Permission to offer custody is for the bank and its regulators.

    Lists:

    • Bank Secrecy Act recordkeeping and travel rule (31 CFR 1010.410)
    Product details and demo
  • Financial ServicesMoraph SaaS

    Digital Member Onboarding (KYC/CIP)

    Account opening with biometric liveness checks and OCR scanning, supporting the USA PATRIOT Act Customer Identification Program rule (31 CFR 1020.220). Your CIP and BSA officer's decisions remain yours.

    Lists:

    • USA PATRIOT Act Section 326 and the Customer Identification Program rule (31 CFR 1020.220)
    • FinCEN Customer Due Diligence Rule (31 CFR 1010.230)
    Product details and demo

Not sure which requirements apply to you? Request a gap analysis. All requirements: Requirements our products support.

More financial services requirements