The Bank Secrecy Act of 1970 (BSA), also know as the Currency and Foreign Transactions Reporting Act, helps the U.S. government to prevent (and regulate) money laundering, tax evasion and various other illegal activities. With the Bank Secrecy Act of 1970, all United States financial institutions are required to track and keep records of any and all purchases of negotiable instruments and, furthermore, to report any purchases that exceed $3,000 as well as any behavior that might exhibit illegal activity.
Since it’s enactment, some additional acts prohibiting money laundering have been passed so as to make amendments to the BSA. With these acts and initiatives along with the cooperation of U.S. financial institutions, anti-money laundering efforts have made it harder for criminals to commit financial crimes and, hence, have reduced the amount of illegal financial activities. As the United States government increases its efforts, additional acts and amendments will be passed to better sustain the financial structure (and potential) of the United States.
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