BSA (Bank Secrecy Act)

The Bank Secrecy Act (BSA) is a U.S. law designed to combat money laundering and financial crimes. It requires banks and financial institutions to monitor and report certain transactions that might indicate illegal activities, such as large cash deposits or suspicious behavior. By reporting these activities to the government, the BSA helps authorities track and investigate potential crimes, ultimately promoting a safer financial system. Compliance with the BSA involves maintaining records and filing reports, ensuring that financial institutions play a crucial role in identifying and preventing unlawful activities.