§ 1951. — Congressional findings and declaration of purpose.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1951]
TITLE 12--BANKS AND BANKING
CHAPTER 21--FINANCIAL RECORDKEEPING
Sec. 1951. Congressional findings and declaration of purpose
(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.
(Pub. L. 91-508, title I, Sec. 121, Oct. 26, 1970, 84 Stat. 1116.)
Effective Date
Section 401(a), (b) of Pub. L. 91-508 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 sections 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 sections 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
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 (Sec. 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,
Sec. 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.
