Bank Secrecy - United States Legislation in Response To Bank Secrecy - U.S. Bank Secrecy Act of 1970

U.S. Bank Secrecy Act of 1970

Main article: Bank Secrecy Act

The United States' Bank Secrecy Act (or BSA) requires financial institutions to assist government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.

Read more about this topic:  Bank Secrecy, United States Legislation in Response To Bank Secrecy

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