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Bank Secrecy Act

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.

Internal Revenue Service uses form 8300 for Bank Secrecy Act reporting.[2]

Bank Secrecy Act is administrated by the Financial Crimes Enforcement Network (FinCEN).

More Information#

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