Bank Security Act

The Bank Secrecy Act (BSA), enacted in 1970, requires financial institutions to help detect and prevent money laundering and financial crimes. It mandates that banks and certain businesses keep detailed records of transactions, report large cash transactions (over $10,000), and file suspicious activity reports if anything unusual occurs. The goal is to provide government agencies with the information they need to track illegal activities without infringing on customer privacy unnecessarily. Overall, the BSA promotes transparency and integrity within the financial system by helping identify and combat financial crimes.