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.
From the category archives:
Banking & Investing
For some, making the transition from offline banking to online banking may seem like a scary, intimidating feat. But, rest assure, banking online is just as safe (if not safer) as banking offline. When first looking to make the move to online banking, check with your bank of choice to see if they are compatible – chances are, they definitely are and they will even walk you through the whole process. If, for some reason, your current bank does not support online banking, you can simply look for a new bank to carry your online banking (and investing) out with.