Overview#Bank Secrecy Act of 1970 requires Financial Institutions in the United States to assist United States Federal Agency in Anti-Money Laundering.
Specifically, the act requires Financial Institutions to keep records of cash purchases of negotiable instruments, and file reports of cash purchases of these negotiable instruments of more than $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.
More Information#There might be more information for this subject on one of the following:
- [#1] - Bank_Secrecy_Act - based on information obtained 2017-02-11-
- [#2] - Form 8300 and Reporting Cash Payments of Over $10,000 - based on information obtained 2018-01-04-