The Bank Secrecy Act (BSA)

The Bank Secrecy Act (BSA) is a U.S. law that requires financial institutions to monitor and report certain financial activities to prevent money laundering and other illegal activities. This includes keeping detailed records of transactions, especially large cash deposits or withdrawals, and submitting reports to authorities when suspicious activity occurs. The BSA helps authorities detect and combat financial crimes by creating transparency and traceability in banking transactions, safeguarding the integrity of the financial system while allowing legitimate activity to proceed.