The Bank Secrecy Act

The Bank Secrecy Act (BSA), enacted in 1970, requires banks and financial institutions in the U.S. to help combat money laundering and other financial crimes. It mandates that these institutions keep detailed records and report certain transactions, like large cash deposits or suspicious activities, to the government. The goal is to make it harder for criminals to hide illicit funds. By ensuring transparency in financial transactions, the BSA plays a crucial role in maintaining the integrity of the financial system and preventing abuse by illegal enterprises.