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Bank Secrecy Act of 1970

Bank Secrecy Act of 1970

Definition

[31 U.S.C. §5311–5324] Federal law requiring financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000, and report suspicious activity that suggests money laundering, tax evasion, or other unlawful activities. Also known as the Currency and Foreign Transactions Reporting Act.

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