Banking Secrecy Act (Bsa)
| The Banking Secrecy Act (BSA) was enacted to prevent fraudsters from laundering and concealing their unlawful proceeds. The BSA prohibits financial institutions from disclosing information about their customers' accounts or transactions to anyone except those with a legitimate need for the information. The BSA also requires financial institutions to maintain records of their customers' transactions and to report suspicious activity to the government. The BSA has been successful in deterring and detecting financial crimes, and has helped to recover billions of dollars in assets that have been stolen or misappropriated. The BSA has also been instrumental in identifying and prosecuting terrorist financing and money laundering. |
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