BSA

Bank Secrecy Act

The BSA is a US law requiring financial institutions to assist government agencies in detecting and preventing money laundering. It established requirements for record-keeping and reporting.

Under the BSA, banks must file Currency Transaction Reports (CTRs) for cash transactions over $10,000 and Suspicious Activity Reports (SARs) for potentially illegal activity. It forms the foundation of US AML regulations.

Related Terms

AML

Anti-Money Laundering

AML refers to the laws, regulations, and procedures designed to prevent criminals from disguising il...

KYC

Know Your Customer

KYC is the process financial institutions use to verify the identity of their customers. It's a key ...

CTR

Currency Transaction Report

A CTR is a report filed for large cash transactions that exceed regulatory thresholds. In the United...

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