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Bank Secrecy Act › Bank Accounts

The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide... more +
The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide documentation to authorities for single transactions of more than $10,000 and report other suspicious account activity that could signify money laundering or other financial crimes. less -
Ballard Spahr LLP

SDNY Sentences Danske Bank in Massive AML Scandal

Ballard Spahr LLP on

Factual Statement Is a Tale of Whistleblowing, High-Risk Customers, and Misleading U.S. Banks - Earlier this month, Danske Bank was sentenced in the Southern District of New York to three years of probation and forfeiture...more

Manatt, Phelps & Phillips, LLP

IRS Will Adopt “Common Sense” Approach To Structured Activity In Bank Accounts

Manatt, Phelps & Phillips, LLP on

Why it matters - In response to recent criticism, the Commissioner of the Internal Revenue Service (IRS) John A. Koskinen announced that the agency will adopt a “common sense” approach in how it handles funds that have...more

Morrison & Foerster LLP

FinCEN Issues Statement Encouraging Banks to Evaluate Money Services Businesses on a Case-by-Case Basis

Morrison & Foerster LLP on

On November 10, 2014, the Financial Crimes Enforcement Network (FinCEN) issued a Statement addressing bank “de-risking,” often described as the practice of closing accounts or refusing to open accounts for particular types...more

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