Congress envisioned that the reporting requirements of the 1970 Bank Secrecy Act would be useful for tracking financial resources associated with criminal activities and for investigating persons using foreign bank accounts to conceal the profits gained from these illegal activities. Today, however, over 10 years after the law's enactment, the reports required under the act are not widely used, and their potential utility as an investigative tool is unknown. Further, no one knows how well financial institutions and individuals are complying with the act's reporting requirements. Prompted by continuing congressional oversight, the Department of the Treasury, responsible for implementing the act, and other agencies have initiated actions to correct many of the problems hindering use of reports mandated by the act. Further improvements are needed, however, if the act is to be implemented and the usefulness of required reports adequately tested. Congress should amend the act to require reauthorization of the reporting requirements in 1984. In the interim, Treasury should comprehensively assess the costs and benefits of the act to assist Congress in its reauthorization deliberations. Tabular data are provided, and materials related to the assessment are appended. (Author summary modified)