Bank Secrecy Act
1970 act of the United States Congress / From Wikipedia, the free encyclopedia
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The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering.[1] Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports if the daily aggregate exceeds $10,000, and report suspicious activity that may signify money laundering, tax evasion, or other criminal activities.[2]
Quick Facts Other short titles, Long title ...
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Long title | An Act to amend the Federal Deposit Insurance Act to require insured banks to maintain certain records, to require that certain transactions in U.S. currency be reported to the Department of the Treasury, and for other purposes. |
Acronyms (colloquial) | BSA |
Nicknames | Federal Deposit Insurance Act Amendments |
Enacted by | the 91st United States Congress |
Effective | October 26, 1970 |
Citations | |
Public law | 91-508 |
Statutes at Large | 84 Stat. 1114-2 aka 84 Stat. 1118 |
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U.S.C. sections amended | |
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The BSA is sometimes referred to as an anti-money laundering law (AML) or jointly as BSA/AML.[3]