Timely Delivery of Bank Secrecy Act Reports Act

Timely Delivery of Bank Secrecy Act Reports Act

This bill requires the Department of the Treasury to provide Bank Secrecy Act (BSA) reports to a congressional committee or subcommittee not later than 30 days after a request. Under the BSA, financial institutions must keep records of certain transactions and report suspicious activity indicative of money laundering or other criminal activity.

Additionally, when subpoenaed, a financial institution must provide such reports to a congressional committee or subcommittee.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov