Bank Secrecy Act of 1970
Definition
[31 U.S.C. §5311–5324] Also known as the Currency and Foreign Transactions Reporting Act, a 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. The act also requires each person who physically transports more than $10,000 at one time into or out of the United States to file a report.