BANK SECRECY ACT OF 1970
Bank Secrecy Act of 1970 ( BSA)
More formally known as The Financial Recordkeeping and Reporting of Currency and Foreign Transactions Act of 1970. Designed to aid the federal government in detecting illegal activity through tracking certain monetary transactions. Requires financial institutions, broker-dealers, casinos and money services businesses to file reports of suspicious transactions. Also establishes certain exemptions to the currency transaction reporting requirements. The corresponding BSA regulation is found at 31 C.F.R. Part 103.
See also USA PATRIOT Act which substantially amended this statute in 2001. American Banker Glossary