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The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering. [1]
The act is part of the Bank Secrecy Act, a specific piece of U.S. legislation focusing on reporting and record-keeping requirements for financial institutions. The Anti-Money Laundering Act refers to a broader set of international and national laws and regulations aimed at combating money laundering and related financial crimes.
In 2005, Mr. Knight developed a Bank Secrecy Act/Anti-Money Laundering compliance conference for examiners and credit unions. Held in partnership with CUNA, the conference today remains the largest credit union specific BSA training in the country.
Miller 1976 and to supplement the Bank Secrecy Act. [1] [2] The act was put in place to limit the government's ability to freely access nonpublic financial records. [1] The RFPA defines financial institutions as any institution that engages in activities regarding banking, credit cards, and consumer finance.
Because the $10,000 per gaming day CTR threshold is part of the Bank Secrecy Act, a criminal may seek to evade being recorded on a CTR by breaking a transaction over $10,000 into multiple smaller transactions, which is known as structuring. Single and multiple currency transactions in excess of $10,000 (in a single Gaming Day) are reported to ...
California Bankers Assn. v. Shultz, 416 U.S. 21 (1974), was a U.S. Supreme Court case in which the Court held that the Bank Secrecy Act, passed by Congress in 1970 requiring banks to record all transactions and report certain domestic and foreign transactions of high-dollar amounts to the United States Treasury, did not violate the First, Fourth, and Fifth Amendments of the U.S. Constitution.