Which agency is primarily responsible for enforcing the BSA?

The Financial Crimes Enforcement Network (FinCEN) is the agency primarily responsible for enforcing the Bank Secrecy Act (BSA). FinCEN's role involves overseeing and ensuring that financial institutions comply with the requirements set forth by the BSA, which includes reporting suspicious activities, maintaining records, and filing reports that can be used to combat money laundering and other financial crimes.

FinCEN's core mission is to protect the financial system from illicit activity and to promote national security through the collection, analysis, and dissemination of financial intelligence. It provides guidance and regulation to financial institutions, making it the central authority for BSA enforcement. The agency also works closely with other regulatory bodies to ensure a coordinated approach to implementing BSA requirements and addressing associated risks.

In contrast, the other agencies listed may have roles related to financial regulation and consumer protection but do not serve as the primary enforcers of the BSA. Understanding FinCEN's specific enforcement responsibilities helps clarify its critical position in the fight against financial crimes, highlighting its importance in the compliance landscape.