Currency and Foreign Transactions Reporting Act

The Currency and Foreign Transactions Reporting Act, also known as the Bank Secrecy Act, is a U.S. law requiring financial institutions to report large cash transactions and suspicious activities to the government. Its goal is to prevent money laundering, tax evasion, and illegal activities by providing transparency in financial transactions. For example, banks must file reports for cash deposits over $10,000 or when they notice unusual patterns. This legislation helps authorities monitor and combat financial crimes while safeguarding the integrity of the financial system.