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.

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.

When determining which bank will be best, always remember to look for an accredited, popular bank name (that way you can know that your safety and security will be upheld). Next, check to see if the bank supports secured connections (i.e. does the address bar contain an “s” after the “http” and, hence, read, “https://www.-yourbankname-.com” and not just http://www.-yourbankname-.com”) as this will help to prove the safety and security of the online connection that the bank is offering. Outside of that, it truly is safe to bank online, simply look for well known, trusted banks and make certain to look for the secured connection in the URL/address bar.