InfoSight Spotlight: Bank Secrecy Act

The Bank Secrecy Act (BSA), also known as The Financial Recordkeeping and Reporting of Currency and Foreign Transactions Act of 1970, was enacted to help in the investigations of money laundering, tax evasion and other criminal activity. There are many laws and regulations that make up BSA. Among them are the Money Laundering Control Act […]

The Bank Secrecy Act (BSA), also known as The Financial Recordkeeping and Reporting of Currency and Foreign Transactions Act of 1970, was enacted to help in the investigations of money laundering, tax evasion and other criminal activity.

There are many laws and regulations that make up BSA. Among them are the Money Laundering Control Act of 1986; the Anti-Drug Abuse Act of 1986; the Currency and Foreign Transactions Reporting Act; and the Financial Recordkeeping and the Department of Treasury’s Reporting of Currency and Foreign Transactions rules. The most recent law impacting BSA is Title III of the USA Patriot Act, passed in 2001.

On the Bank Secrecy Act Channel are 19 different topics, including Money Services Businesses and Virtual Currency.  Be sure you are kept up-to-date with the information in the Bank Secrecy Act channel today. Read the full InfoSight newsletter here.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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