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The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering. [1]
Miller 1976 and to supplement the Bank Secrecy Act. [ 1 ] [ 2 ] The act was put in place to limit the government's ability to freely access nonpublic financial records. [ 1 ] The RFPA defines financial institutions as any institution that engages in activities regarding banking, credit cards, and consumer finance.
The second subtitle, entitled Subtitle B: Bank Secrecy Act Amendments and Related Improvements, largely modifies the Bank Secrecy Act (BSA) to make it harder for money launderers to operate, and to make it easier for law enforcement and regulatory agencies to police money laundering operations. The BSA was amended to allow the designated ...
The Bank Secrecy Act. Originally called the Currency and Foreign Transactions Reporting Act of 1970, the BSA "authorizes the Department of the Treasury to impose reporting and other requirements ...
Under section 362, the U.S. Secretary of Treasury was charged with establishing a highly secure network to allow financial reports required under the BSA, chapter 2 of Public Law 91-508 or section 21 of the Federal Deposit Insurance Act to be filed electronically. The legislation also requires the secure network to send alerts and other ...
The law, coupled with a stable Swiss currency and international neutrality, prompted large capital flight to private Swiss accounts. During the 1940s, numbered bank accounts were introduced creating an enduring principle of bank secrecy that continues to be considered one of the main aspects of private banking globally.
'The 26 words that created the internet' as we know it could soon be erased, warns the Consumer Technology Association. By sunsetting Section 230, Congress could be about to break the internet as ...
Platforms might get more cautious, as Craigslist did following the 2018 passage of a sex-trafficking law that carved out an exception to Section 230 for material that “promotes or facilitates ...