Banking Secrecy Act (BSA)

Also known as the Currency and Foreign Transactions Reporting Act, the Banking Secrecy Act (BSA) requires banks and other financial institutions to disclose records such as currency transaction statements and financial history of accounts to regulated authorities. When the account holders of banks engage with money transfers involving amounts over $10,000, documentation and verification become a pressing need. Authorities are able to detect and prevent money laundering, thanks to the Bank Secrecy Act.