The Currency and Foreign Transaction Reporting Act, commonly known as the Bank Secrecy Act (BSA), was passed in 1970, and established requirements for record keeping and reporting by certain entities. It was primarily designed to help identify the source, volume, and movement of currency and other monetary instruments transmitted into or out of the United States. The statute required banks to file currency reports with the US Treasury identifying persons conducting transactions and maintaining a paper trail. The Money Laundering Control Act of 1986 was enacted to preclude circumvention of the BSA requirements by imposing criminal liability on a person or financial institution that knowingly assisted in the laundering of money or that structured transactions to avoid reporting. Continue reading >