BSA Compliance | Here are 2 quick ways to find out if you are BSA compliant.

The Bank Secrecy Act (aka. The Currency and Foreign Transactions Reporting Act of 1970) requires U.S. financial institutions (banks, etc.) to assist U.S. government agencies in detecting and preventing money laundering. This act is also referred to as AML.

Here is what it means for you:

  1. Keep records of cash purchases or unfixed catalysts, file reports of cash transactions more than $10,000 (daily collective amount)
  2. Report any suspicious activity that could to money laundering, tax evasion or any other criminal activities.

For more information about the Bank Secrecy Act click this link. http://www.fincen.gov/statutes_regs/bsa/