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

The agency primarily responsible for enforcing the Bank Secrecy Act (BSA) is the Financial Crimes Enforcement Network (FinCEN). FinCEN plays a crucial role in combating money laundering and the financing of terrorism by overseeing compliance with the BSA provisions. This includes the collection, analysis, and dissemination of financial intelligence information that can be used by law enforcement agencies to help prevent illicit activities.

FinCEN issues regulations and guidelines that institutions must follow, ensuring that they report suspicious activities and maintain proper records. Their authority enables them to monitor financial institutions' compliance effectively and impose penalties for violations, making them central to BSA enforcement. This focused responsibility distinguishes FinCEN from other agencies like the Federal Reserve, the OCC, and the SEC, which primarily focus on different aspects of financial regulation and oversight.