Bank Secrecy Act (BSA)


Federal legislation created in 1970 to regulate the type of information that financial institutions must keep track of and report should unlawful actions or transactions be identified. Under this act, any cash transaction over $10,000 that is questioned by the Bank Secrecy Compliance Officer must be reported to the appropriate authorities for further investigation. The goal of the legislation is to limit the places were criminals can conceal funds that were acquired through illegal actions such as money laundering or robbery.
This act may also be referred to as the Currency and Foreign Transactions Reporting Act.

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I did not like the bank secrecy act because I thought it was completely unnecessary and not worth the time.

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Before the Bank Secrecy Act, institutions did not have to keep track of information and pass audit tracks but that all changed once it was passed.

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The Bank Secrecy Act has forced criminals to become more creative with the way that they launder their proceeds. The Bank Secrecy Act has made it nearly impossible for these cash heavy operations to operate under the radar if they want to use traditional financial institutions.

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