Bank Reporting Requirements under the Bank Secrecy Act and OFAC Sanctions Laws

Summary

This practice note provides a general overview of the various statutory and regulatory reporting obligations for banks under the Bank Secrecy Act, as amended (BSA), and the reporting and filing requirements mandated by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury (U.S. Treasury). Counsel should be mindful that the following is not an exhaustive list of reports required to be filed or maintained by a bank.