US Bank Secrecy Act

The Bank Secrecy Act of 1970 (BSA) is a U.S. law requiring financial institutions to assist in detecting and preventing money laundering, by keeping records of cash purchases, filing reports for transactions exceeding $10,000, and reporting suspicious activity. The BSA was originally passed in 1970 and was amended several times, including provisions in the USA PATRIOT Act that require financial institutions to establish anti-money laundering programs. The law has five types of reports, including currency transaction reports (CTRs) and suspicious activity reports (SARs), which are filed electronically with the Financial Crimes Enforcement Network (FinCEN). The BSA has been enforced since the 1980s, and its provisions have been expanded to include anti-terrorism financing and combating terrorist organizations.learn more on wikipedia