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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]
The act is part of the Bank Secrecy Act, a specific piece of U.S. legislation focusing on reporting and record-keeping requirements for financial institutions. The Anti-Money Laundering Act refers to a broader set of international and national laws and regulations aimed at combating money laundering and related financial crimes.
The first deals primarily with strengthening banking rules specifically against money laundering, especially on the international stage. Communication between law enforcement agencies and financial institutions, as well as among institutions, is expanded by the second subtitle, which also increases record keeping and reporting requirements.
The record-keeping requirements for non-cash tax-deductible donations depend on the value of the item and are increasingly stringent depending on the value and type of item.
California Bankers Assn. v. Shultz, 416 U.S. 21 (1974), was a U.S. Supreme Court case in which the Court held that the Bank Secrecy Act, passed by Congress in 1970 requiring banks to record all transactions and report certain domestic and foreign transactions of high-dollar amounts to the United States Treasury, did not violate the First, Fourth, and Fifth Amendments of the U.S. Constitution.
The USA PATRIOT Act was passed by the United States Congress in 2001 as a response to the September 11 attacks in 2001. It has ten titles, with the third title ("Title III: International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001") written to prevent, detect, and prosecute international money laundering and the financing of terrorism.
The second subtitle attempts to improve communication between law enforcement agencies and financial institutions, as well as expanding recordkeeping and reporting requirements. The third subtitle deals with currency smuggling and counterfeiting, including quadrupling the maximum penalty for counterfeiting foreign currency.
The Annunzio-Wylie Anti-Money Laundering Act of 1992 strengthened sanctions for BSA violations, required so called "Suspicious Activity Reports" and eliminated previously used "Criminal Referral Forms", required verification and recordkeeping for wire transfers and established the Bank Secrecy Act Advisory Group (BSAAG).