Bank Secrecy Act

The Bank Secrecy Act of 1970 (BSA), also called the Currency and Foreign Transactions Reporting Act, is the foundational U.S. anti-money laundering statute. It requires banks and other financial institutions to keep records and file reports that help federal authorities detect and prevent money laundering, including currency transaction reports for cash transactions above $10,000 and suspicious activity reports for transactions that appear connected to illegal conduct, and it requires U.S. persons to disclose foreign financial accounts. The BSA is administered primarily through the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), and willful violations are federal crimes.