Bank Secrecy Act

Bank Secrecy Act

The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, and file reports of cash purchases of these negotiable instruments of more than $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities. Many banks will no longer sell negotiable instruments when they are purchased with cash, requiring the purchase to be withdrawn from an account at that institution.

The BSA was originally passed by the Congress of the United States in 1970, and amended several times since then, including provisions in title III of the USA PATRIOT Act. (See 31 USC 5311-5330 and 31 CFR Chapter X.) The BSA is sometimes referred to as an "anti-money laundering" law ("AML") or jointly as “BSA/AML”.

Read more about Bank Secrecy Act:  Types of Reports, Sanctions, How It Affects American Citizens, Additional Information, Notable Cases

Other articles related to "bank secrecy act, act, bank, secrecy":

United States Legislation in Response To Bank Secrecy - 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 ...
Suspicious Activity Report (banking) - Reporting
... institutions subject to the regulations of the Bank Secrecy Act (BSA) ... or more that involve potential money laundering or violations of the Bank Secrecy Act computer intrusion or when a financial institution knows that a customer is operating as an ... The Bank Secrecy Act specifies that each firm must maintain SARs for a period of five years from the date of filing ...
Views On Secrecy
... Excessive secrecy is often cited as a source of much human conflict ... One may have to lie in order to hold a secret, which might lead to psychological repercussions ...
Bank Secrecy Act - Notable Cases
... In 2011 the Observer reported that Wachovia, at one time a major US bank, was implicated in laundering money for Mexican drug lords, through its lax laundering controls, a violation of the Bank Secrecy Act ...
Secrecy (disambiguation)
... Secrecy is the practice of sharing information among a group of people, which can be as small as one person, while hiding it from all others ... Secrecy may also refer to Secrecy (book), a 1998 novel by Belva Plain Secrecy (film), a 2008 documentary film ...

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