Bank Secrecy Act

The Bank Secrecy Act (BSA), enacted in 1970, requires financial institutions in the United States to help prevent money laundering and other financial crimes. Banks must monitor customer transactions, report suspicious activities, and file Currency Transaction Reports for cash transactions over $10,000. This law aims to create a transparent banking system, making it harder for criminals to hide illicit funds. Compliance with the BSA helps law enforcement agencies track suspicious financial activities, ultimately protecting the financial system's integrity and promoting national security.