Title 12 — Banks and BankingRelease 119-73
§1951 Congressional findings and declaration of purpose
Title 12 › Chapter CHAPTER 21— - FINANCIAL RECORDKEEPING › § 1951
Summary
Requires businesses listed in section 1953(b) to keep certain records and requires financial institutions named in section 1952 to report big changes in ownership, control, or management. The purpose is to have records and reports that help in criminal, tax, or regulatory investigations.
Full Legal Text
Title 12, §1951
Banks and Banking — Source: USLM XML via OLRC
(a)The Congress finds that certain records maintained by businesses engaged in the functions described in section 1953(b) of this title have a high degree of usefulness in criminal, tax, and regulatory investigations and proceedings. The Congress further finds that the power to require reports of changes in the ownership, control, and managements of types of financial institutions referred to in section 1952 of this title may be necessary for the same purpose.
(b)It is the purpose of this chapter to require the maintenance of appropriate types of records and the making of appropriate reports by such businesses in the United States where such records or reports have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings.
Legislative History
Notes & Related Subsidiaries
Statutory Notes and Related Subsidiaries
Effective Date
Pub. L. 91–508, title IV, § 401(a), (b), Oct. 26, 1970, 84 Stat. 1125, provided that: “(a) Except as otherwise provided in this section, titles I, II, and III of this Act and the
Amendments
made thereby [enacting this chapter and section 1730d and 1829b of this title and section 1051 et seq. of former Title 31, Money and Finance, amending section 78g of Title 15, Commerce and Trade, and enacting provisions set out as notes under section 78g of Title 15 and section 1051 of former Title 31] take effect on the first day of the seventh calendar month which begins after the date of enactment [Oct. 26, 1970]. “(b) The Secretary of the Treasury may by regulation provide that any provision of title I or II or any amendment made thereby [enacting this chapter and section 1730d and 1829b of this title] shall be effective on any date not earlier than the publication of the regulation in the Federal Register and not later than the first day of the thirteenth calendar month which begins after the date of enactment [Oct. 26, 1970].”
Short Title
of 2014 Amendment Pub. L. 113–156, § 1, Aug. 8, 2014, 128 Stat. 1829, provided that: “This Act [amending section 1958 of this title and section 5318 of Title 31, Money and Finance, and enacting provisions set out as a note under section 1958 of this title] may be cited as the ‘Money Remittances Improvement Act of 2014’.”
Short Title
Title I of Pub. L. 91–508, title II of Pub. L. 91–508, titles I and II of Pub. L. 91–508, and subchapter II of chapter 53 of Title 31, Money and Finance, have each been popularly known as the “Bank Secrecy Act”. Title I of Pub. L. 91–508, Oct. 26, 1970, 84 Stat. 1114, as amended, enacted this chapter, former section 1730d of this title, and section 1829b of this title. Title II of Pub. L. 91–508, Oct. 26, 1970, 84 Stat. 1118, as amended, also known as the Currency and Foreign Transactions Reporting Act, enacted chapter 21 (§ 1051 et seq.) of former Title 31, Money and Finance, which was repealed and reenacted as subchapter II of chapter 53 of Title 31, Money and Finance, by Pub. L. 97–258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31. For complete classification of Pub. L. 91–508 to the Code, see Tables.
Reference
Citations & Metadata
Citation
12 U.S.C. § 1951
Title 12 — Banks and Banking
Last Updated
Apr 6, 2026
Release point: 119-73