Series 14: 8.2.1.1. Bank Secrecy Act

8.2.1.1. Bank Secrecy Act

The Bank Secrecy Act (BSA; also known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering. The BSA is sometimes referred to as an anti-money laundering (AML) law, or more specifically as BSA/AML. The USA PATRIOT Act broadened the scope of the BSA to focus on terrorist financing as well as money laundering.

The documents filed by businesses under the BSA requirements are used by domestic and international law enforcement agencies to identify, detect, and deter money laundering, which might be used to further a criminal enterprise, terrorism, tax evasion, or other unlawful activity. The Bank Secrecy