Secrecy Act

The Secrecy Act, often referring to the Bank Secrecy Act (BSA), is a U.S. law that requires financial institutions to keep detailed records of transactions and report certain activities to authorities. Its aim is to detect and prevent illegal activities like money laundering, fraud, and terrorism financing. By monitoring large or suspicious transactions, the law helps authorities track illicit financial flows without infringing on everyday banking for most customers. Overall, it promotes transparency and security in the financial system while protecting privacy within legal boundaries.