Money Laundering

As a global financial institution, Lock Trust, Inc. is committed to full compliance with all applicable laws and regulations regarding Anti- Money Laundering (“AML”). Lock Trust’s policy is to prevent people engaged in financial crimes including money laundering, fraud, terrorist financing, and other financial crimes while utilizing any form of Lock Trust’s services.
Lock Trust has robust systems including policies and procedures to detect, prevent and report suspicious activity. To comply with OFAC (Office of Foreign Asset Control) requirements, and global sanctions, we screen our customer accounts against government watch lists. In addition, we may request that you provide us with documentation to help prove your identity or for business verification purposes. We report suspicious transactions to the financial intelligence unit in the respective country.

31 U.S.C. 310

This statute establishes FinCEN as a bureau within the Treasury Department and describes FinCEN’s duties and powers to include:

  • Maintaining a government-wide data access service with a range of financial transactions information
  • Analysis and dissemination of information in support of law enforcement investigatory professionals at the Federal, State, Local, and International levels
  • Determine emerging trends and methods in money laundering and other financial crimes
  • Serve as the Financial Intelligence Unit of the United States
  • Carry out other delegated regulatory responsibilities

Authorities Delegated to FinCEN pursuant to TREASURY ORDER 180-01
This Treasury Order describes FinCEN’s responsibilities to implement, administer, and enforce compliance with the authorities contained in what is commonly known as the “Bank Secrecy Act.”

Bank Secrecy Act”To view or print PDF content, download the free Adobe Acrobat Reader. To view or print Microsoft Office content, download free Microsoft Office Viewers.

The Currency and Foreign Transactions Reporting Act of 1970 (which legislative framework is commonly referred to as the “Bank Secrecy Act” or “BSA”) requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities. It was passed by the Congress of the United States in 1970. The BSA is sometimes referred to as an “anti-money laundering” law (“AML”) or jointly as “BSA/AML.” Several AML acts, including provisions in Title III of the USA PATRIOT Act of 2001, have been enacted up to the present to amend the BSA. (See 31 USC 5311-5330 and 31 CFR Chapter X [formerly 31 CFR Part 103] ).

Bank Secrecy Act (BSA) Statute

Codified Bank Secrecy Act (BSA) Regulations

The Federal Register contains final regulations issued after the date of codification, as well as the Notices of Proposed Rulemaking.