Series 53: 2.4.3.1. Applicable Federal Laws

2.4.3.1. Applicable Federal Laws

The Bank Secrecy Act (1970) was the first federal government attempt to address money laundering. Its original provisions required financial institutions to:

• Keep records of cash purchases of negotiable instruments

• File reports of cash transactions exceeding $10,000

• 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 practice of moving cash by structuring it into m