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Bank Secrecy Act and Currency-Reporting Offenses

Learn about the Bank Secrecy Act’s provisions aimed at combatting money laundering and other financially-related illicit activity.

Transcript

The Bank Secrecy Act, or BSA, establishes a framework for financial institutions to detect and report to the federal government suspicious activities that could indicate criminal behavior. Under the statute, financial institutions must establish and maintain procedures for verifying customer identities. Financial institutions must also develop and maintain comprehensive anti-money-laundering programs and keep certain records related to customer transactions for a specified time period.

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