Bank Secrecy Act (BSA)

The Bank Secrecy Act (BSA), enacted in 1970, is a U.S. law aimed at combating money laundering and other financial crimes. It requires banks and financial institutions to report suspicious activities, large cash transactions, and maintain records that help the government track illegal funds. The BSA helps law enforcement identify and prevent financial crime, ensuring that banks contribute to a safer financial system. By monitoring and reporting certain transactions, banks play a crucial role in maintaining integrity and transparency in the financial sector.