In 1970, Congress passed the Currency and Foreign Transactions Reporting Act, commonly known as the “Bank Secrecy Act” (BSA). The BSA is often referred to as an “anti-money laundering” (AML) law or jointly as “BSA/AML.” The BSA granted the Secretary of the Treasury authority to impose regulations on insured banks.
The Bank Secrecy Act comprises12 separate legislative acts, including the USA PATRIOT Act and the Anti-Money Laundering Act of 2020.
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