Series 26: Bank Secrecy Act

Bank Secrecy Act

The Bank Secrecy Act of 1970 (BSA) was the federal government’s first attempt to address money laundering. Its original provisions required financial institutions to keep records of cash purchases of negotiable instruments, to file reports of cash transactions exceeding $10,000, and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.

The failure of many banks to comply with its recordkeeping requirements and the prac