Money Laundering And The Bank Secrecy Act
The Bank Secrecy Act of 1970 (BSA) was enacted to prevent white collar crimes such as money laundering, tax evasion, or other financial crimes. The BSA requires financial institutions, such as banks, credit unions, and other depository institutions, to assist government agencies and report any suspicious practice that might indicate criminal activity. One of the most notable requirements of the BSA is to report…