Federal Bank Secrecy Act?

Answer Regulation in the banking industry covers many different activities. Some rules protect depositors by ensuring adequate cash is on hand while others deal with customer privacy or discriminatory len... Read More »

Top Q&A For: Federal Bank Secrecy Act

Definition of the Bank Secrecy Act?

The Bank Secrecy Act, also known as the Currency and Foreign Transactions Reporting Act, is the primary federal law aimed at stopping money laundering. The name "Bank Secrecy Act" is a bit misleadi... Read More »

Purpose of the Bank Secrecy Act?

The purpose of the Bank Secrecy Act (BSA), enacted in 1970, is to detect and prevent money laundering and other criminal activities from taking place within the U.S. financial system. The BSA requi... Read More »

Bank Secrecy Act Reporting Requirements?

The U.S. Congress passed the Bank Secrecy Act in 1970, as a way to prevent money laundering used to hide criminal activity, from drug dealing to terrorism. The act requires businesses to keep recor... Read More »

Which government agency enforces the Bank Secrecy Act?

The Financial Crimes Enforcement Network of the U.S. Department of the Treasury enforces the Bank Secrecy Act of 1970 (Currency and Foreign Transactions Reporting Act). Also known as money-launderi... Read More »